I've been having a hard time finding someone who would be able to advise me on a recent personal real estate transaction. I purchased a family home in CA from several family members (one of whom is my mother who gifted me her share of equity). Im trying to navigate how my tax base gets reassessed as it relates to this.
Wondering if anyone has recs.
Hi Ryan, You should be able to contact the local county assessors office regarding this matter. If you feel the property taxes are too high or need to be adjusted downward you can file a property tax appeals claim.
Newly passed Proposition 19 will have potentially severe financial consequences for children inheriting property from their parents. If you "purchase" the property, county assessor office usually assess the property value base on the your purchase price. You can contact the assessor office where your subject property located.
@Ryan Espinosa Most CPAs are going to be busy next month or two with the tax season - this being one of the most challenging seasons - which is probably why you are having a bit of hard time. Would recommend search for Real Estate CPA. Some of them do offer hourly consultation. If you search on BP, I believe, there are a couple that offer that.
Thanks for the guidance here everyone. I am realizing I may have positioned my original question improperly. Whom should I speak with if I have the following questions?
Since my mother gifted me her equity from the sale, does she still get taxed from the sale of the property?
Since the home was owned by my grandmother, inherited by my mother, gifted to me, how does that effect my tax base as it relates to parent > child exclusion?
(If it makes any difference, the sale was executed on 12/29/20, before prop 19 went into effect.)
Is a CPA or Tax attorney the right person here?
You need to talk to CPA first regarding to the income tax, gifted tax or capital gain issues.
You might also want to find out when your mom inherited from your grandma whether she notified the county assessor office regarding to the property tax issue before you talk to your CPA.