Q: My brother and I inherited a house in CA. Now he’s going to grant deed his share to me. Will I be reassessed for taxes?
Our parents bought the house in1967 and we inherited in 2017.
A:
Likely you will. There are specific tax exemptions upon intra-familial transfers of real estate between a parent and a child. However, those have been limited recently, and it is typically reserved for parent and child; sibling and sibling are excluded from that exemption.
https://hcsequity.com/the-difference-between-parent-child-and-sibling-to-sibling-transfer/
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