QUESTION
Will this trigger the tax reassessment of my home?
Asked on Apr 26th, 2013 on Taxation - California
More details to this question:
My sister and I are join tenancy of 1 single home. Now I'd like to refinance my house to take my name off the loan with cash out and add another other sister to the loan. So, my 2 sisters will be on the loan, but three of us will be on the Deed. Will this trigger the tax reassessment of my home? If so, which way is best to do.
1 ANSWER
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F it will still be joint tenants, no proprerty tax reassessment. But you may need to file a gift tax return. And the income tax effects may be significant.
Answered on Apr 28th, 2013 at 10:31 PM