Laws, Regulations & Annotations

P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0035

625.0035 Claims. Revenue and Taxation Code section 63.1(f), the claim reporting provision for the parent-child exclusion, requires that the transferor of property report his or her social security number or taxpayer identification number on the claim form for each transfer of non-principal residence property qualifying for the parent-child exclusion under Revenue and Taxation Code section 63.1(a)(2). The requirement for the social security or taxpayer identification number on the claim form is to provide the Board with a means of monitoring and cumulating the value of transfers between parents and children to determine whether the one million dollar limitation of section 63.1(a)(2) has been reached or exceeded. Thus, for non-principal residence property, if the transferor has a social security or tax identification number but refuses to disclose it on the claim form, the parent-child exclusion should be denied. C 6/19/2007.