5 ms·
I believe the tax can only be passed on to children. Not “relatives” in general. It’s still worthy of debate if this should be the case, but it’s not as broad
by bluejekyll 7y ago
I believe the tax can only be passed on to children. Not “relatives” in general.
It’s still worthy of debate if this should be the case, but it’s not as broad as giving it to your nieces or nephews.
- spamizbad 7y agoAdult adoption is legal and IIRC fairly permissive in California. Plus isn't there that whole LLC loophole?
- dartdartdart 7y agoCan you elaborate on the loophole? Like create a 1 person LLC, and then buy the property as a business expense?
- redis_mlc 7y ago> I believe the tax can only be passed on to children. Not “relatives” in general. I know a nephew who got it. And of course, corporations. The horrors of an elderly Google being taxed out of their home in old age! And don't forget the farmstead discount, which Apple executives love using for their mansions.
- dartdartdart 7y agoWhat's the farmstead discount?
- dragonwriter 7y ago> It’s still worthy of debate if this should be the case, but it’s not as broad as giving it to your nieces or nephews. Prop 58 allowed exchanges between parents and children (in either direction), Prop 193 expanded it to include those between grandparents and grandchildren (in either direction). So you can't do it directly to nephews/nieces (or aunts/uncles), but if you have the right set of living, willing relatives to combine a prop 193 transfer and a prop 58 transfer you can do it.
- masonic 7y agoBut neither of those policies is the result of Prop 13, which is what the parent implied.