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Nancy White

Agent

Real Estate Consultant, CRS, CDPE, CNS, LTG, PMN, SRES (30 years experience)

5 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Consulting

Advice

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We want to "sell" our house to our son. NO profit...just so he owns it when we die.

Answer

Hi Michael - Question?  What state are you in?If you reside in California, we have Proposition 58 which allows ownership to change from parent to child without reassessing the property.  This is referred to as a Parent-Child Exclusion, and it applies to any real estate purchases or transfers between parents and children (on or after 11/6/1986). The purpose of this Prop. 58 is to prevent an increase in property taxes when the property is transferred between parents and their children.  There are more details that need to be met, but this should answer your question.There is also a Grandparent-Grandchild Exclusion, as well, but again, there are also details that must be met in order to be eligible for this exclusion.

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