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Subject:  Re: 401K/IRA in probate Date:  12/10/2018  6:46 PM
Author:  JAFO31 Number:  128260 of 129252

vkg: "Another detail.

The house is being reappraised from the date of death to the date of sale. In California, a sibling cannot retain the property tax bases[basis?]. Within the next couple of weeks, the estate will receive a bill for the additional property taxes. I have vague memories that my lawyer probably said this would happen. If the estate refused or was unable to pay the additional tax bill, it could be a problem for the executor and new owner.

I did let my real estate agent and the title company know about the additional assessment. I am surprised that the title company didn't know this would happen."

Color me confused, but why will the estate owe more?

I am assuming that the California reference is to Prop. 13 and ad valorem real estate taxes and not income taxes from the sale of the property.

Can you elaborate?

Curiously, JAFO
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