I'm transferring a property that was originally my primary residence (but is now a rental) into a revocable trust with my spouse.
On the Preliminary Change of Ownership (PCOR) form it asks:
"This property is intended as my principal residence. If YES, please indicate the date of occupancy
or intended occupancy."
I assume it's a no, but I'm curious if there are any tax implications.
And if you select NO, do you leave date of occupancy blank or put in original move in date when it was primary?
Just not sure as it was originally my primary and now a rental.
Thank you!
Its a no. When you say tax implications what do you mean? Personally it does not matter but from a county tax purpose they may have higher tax rates for non owner occupied vs occupied. But aware though if you put occupied and then they see another mailing address for taxes etc. then that can land you in hot water.
Thanks Chris. Just wanted to be sure the form is filled out correctly. I was asking for the reason you mentioned.
Looks like there isn't a Homeowners' Exemption for this property based on an APN lookup, whereas there is for my primary. So that all appears to be correct as is for property tax purposes.
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