Legal Question in Tax Law in California
Tax Consequences of Community Property Transmutation
My father is going to transmute his community property interest in their house to my mother's separate property. What are the tax consequences of that? She will put the house into a trust for the benefit of the children. Will she have any capital gains tax to pay if the value of the half-share of the house is $350,000? Does my father have to file a federal gift tax return?
2 Answers from Attorneys
Re: Tax Consequences of Community Property Transmutation
your father should consult a knowledgeable and experienced estate planning attorney (and perhaps a family lawyer) to consider not only the consequences of a transmutation but whether or not this is advisable (or is the correct solution to whatever issue is involved with his community property and estate plan).
Re: Tax Consequences of Community Property Transmutation
This is probably a question your father should be asking.
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