Author Topic: Co-ownership/Tenancy in Common and selling or gifting ownership portion  (Read 300 times)

jeromedawg

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Hey all,

Was just curious what is all entailed if we are considering gifting or selling our portion of ownership in a condo we co-own with my parents fully to them.
On paper they own 75% and we own 25%. Is there a way for any of this to be excluded from taxes or capital gains like gift exclusions etc? 

spartana

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Re: Co-ownership/Tenancy in Common and selling or gifting ownership portion
« Reply #1 on: August 01, 2019, 12:36:59 AM »
I can't answer that but make sure and check to see if your property qualifies for the Prop 58 parent-child (or child-parent) exclusion so they will not be reassessed at a higher prop tax basis. http://www.ocgov.com/gov/assessor/programs/parentchild
« Last Edit: August 01, 2019, 12:38:30 AM by spartana »