Legal Question in Tax Law in California
I want to place my home that I own into a Living Trust, however, I do not want to loose Proposition 13 that I've had for a long time. ( Proposition 13 is a tax law that raises property taxes no more that 10% yearly)
Asked on 8/22/09, 8:50 pm
1 Answer from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
You should talk to a tax advisor. Generally, when a property is placed into the owner's revocable trust, it does not lose its tax basis.
Answered on 8/23/09, 1:54 am
Related Questions & Answers
-
Will a successful offer in compromise remove a $309,000 tax lien? thanks Asked 8/20/09, 12:03 am in United States California Tax and Taxation Law
-
Do you have to fill out a w9 form to received money from an inheritance? Asked 8/10/09, 10:55 pm in United States California Tax and Taxation Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
