Laws, Regulations & Annotations

P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0144

625.0144 One Million Dollar Exclusion Limitation – Transfer of Joint Tenant's Interest. Revenue and Taxation Code section 63.1(b)(2) denies the exclusion for the transfer of the first $1 million of real property other than a principal residence, as defined by subdivision (a)(2), by any joint tenant, with the exception of original transferors, whose property interest was received through a transfer excluded from change in ownership under section 62(f) or section 65(b). Conversely, the transfer of a principal residence, as defined by subdivision (a)(1), by a joint tenant who obtained his or her interest through a transfer excluded from change in ownership under those sections does qualify for the exclusion. C 11/5/2004.