Q: Proposition 19 Question
Can the wife buy a home in her name only this year, and next year add the husband to the title when he turns 55, so he can utilize the property tax advantage of Prop 19? He will sell his house next year and then go on the title of the new house. A house comes up that they both want to buy this year, but he can't sell the house until next year when he turns 55. Thank you!
A:
Yes, it is possible for the wife to buy a home in her name only this year and add the husband to the title next year when he turns 55, so that he can take advantage of the property tax benefits under Proposition 19.
Proposition 19 allows homeowners who are over 55 years old, severely disabled, or victims of natural disasters to transfer the tax basis of their primary residence to a replacement primary residence. This means that if the husband sells his current primary residence and purchases a new one, he may be able to transfer the tax basis of his old home to the new home, which could result in significant property tax savings.
In your situation, the wife could purchase the new home in her name only this year, and then add the husband to the title next year when he turns 55 and is ready to sell his current primary residence. The husband could then transfer the tax basis of his old home to the new home, which would result in property tax savings for the couple.
However, it's important to note that there may be legal and financial considerations to take into account when adding the husband to the title of the new home. It's recommended that you consult with a real estate attorney or tax professional who can advise you on the specific details of your situation and help you navigate the process of taking advantage of the property tax benefits under Proposition 19.
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