Transferring property to a family member involves careful planning to minimize or avoid tax liabilities, including federal gift taxes, capital gains taxes, and potential state taxes. By understanding and utilizing current tax laws and exemptions, you can structure property transfers effectively. Below are strategies and considerations to assist you in this process. 1. Utilize the … Read more
The timing of your Minnesota property tax refund depends on several factors, including when and how you filed your return, and the processing times of the Minnesota Department of Revenue. Below is a detailed guide to help you understand the expected timeline and how to check the status of your refund. Minnesota Property Tax Refund … Read more
California’s Proposition 19, effective February 16, 2021, introduced significant changes to property tax reassessment rules, particularly affecting transfers between parents and children. To avoid property tax increases due to reassessment under this proposition, it’s essential to understand the new regulations and plan accordingly. Understanding Proposition 19 Changes Under Proposition 19: Authoritative Source: Strategies to Avoid … Read more