Updated over 4 years ago on . Most recent reply
Inheritance property in Northern California
Hello everybody, A friend suggested I post about my plan of the scenario here and get some feedback.
I'm currently renting in San Francisco. My grandma owns a $3mm property in Los Gatos that she purchased in the 80s. The house is set up to be split equally between my mom and her 2 siblings. We are presented with the opportunity to buy the house for $2mm ( i.e we'd purchase my uncle's and aunt's share from them and my mom would give me her share ). My real estate lawyer believes that I will have to pay property taxes on the $3mm valuation. Is there any avenue to preserve my grandmother's cost basis? This would be my primary home.
Any feedback or thoughts on this scenario would be appreciated!