Mobile home transfer/gift tax to family member in San Jose, CA?
Hello BP members,
My parents live in a mobile home in San Jose, CA. It is owned free and clear under my sister's name; however, she would like to transfer the title to me. There is no exchange in money involved as we consider the mobile home belongs to our parents. Is there a transfer or gift tax? I searched on CA Department of Housing but didn't see any fee/tax involved in the transferring title between family (http://www.hcd.ca.gov/manufactured-mobile-home/registration-titling/buy-sell-transfer.shtml). This sounds too good to be true.
Thanks in advance.
Hau