Before he died, my divorced son transferred his home to his son that qualified for exclusion under Proposition 58. May I also transfer my home to my grandson and qualify for the exclusion?
• My grandfather gave me seven commercial properties. How do you decide which properties will get the $1 million exclusion? Assuming you qualify for the exclusion and all the properties transferred on the same day, you must make that decision. The $1 million of the commercial properties may be excluded if your deceased parent did not use any of his/her $1 million exclusion.
No. The transfer of your home may not be excluded as a principal place of residence if he already received a principal residence, or interest therein, that qualified under the Proposition 58 exclusion. However, your house may be excluded by applying it toward your deceased son’s first $1 million limit of “other real property” as allowed under the proposition.
Related Questions
- Before he died, my divorced son transferred his home to his son that qualified for exclusion under Proposition 58. May I also transfer my home to my grandson and qualify for the exclusion?
- Is the transfer of real property to my grandchilds limited liability company eligible for the Proposition 193 exclusion?
- What is the value of Proposition 13 to people buying their first home today?
