So now that Proposition 19 passed for California. What does it really mean to homeowners? While most of us are working on filing our income tax for 2020, (which is due May 17, 2021), it is important to plan your tax implication if you are considering selling/transfering your primary homes anytime in the future!

I must say: trying to understand the intricacies of Prop 19, while it was on the ballot was rather challenging! After having to help my parents transferring their assessed value after retirement using Prop 60/90, I was very eager to learn how Prop 19 changes all to all previous law that allow homeowner to transfer their assessed value of the primary home! Some may say that Prop 19 hurts many many homeowners. Some say it benefits homeowners than it hurts. what's your opinion?

Here is a quick snapshot of what Prop 19 means to Californians! It is always best to consult with your tax advisor, your estate planning attorney for your specific financial situation. If you are planning to sell your home, upgrading, downsizing, or transferring it to your children, etc., CONTACT ME! I will be more than happy to further clarify your options to the best of my knowledge.

Nick Pham | 01365281 | 408.425.5304

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