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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: jeromedawg on July 31, 2019, 11:00:28 PM

Title: Co-ownership/Tenancy in Common and selling or gifting ownership portion
Post by: jeromedawg on July 31, 2019, 11:00:28 PM
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? 
Title: Re: Co-ownership/Tenancy in Common and selling or gifting ownership portion
Post by: spartana 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