Given this is California, you have to ask your accountant about your specifics... But thanks to Proposition 13 and Prop 19, you can still transfer parents property taxes when inheriting property and inheriting property taxes – and keep parents property taxes as long as we reside in our inherited home as a primary residence, moving in within 12-months of course... But the key here is a "buyout of sibling property shares", if your sibling wants to sell out – allowing you to keep your parent's home while keeping a low property tax base, using a loan to an irrevocable trust from a good trust lender, in conjunction with Proposition 19, with the trust lender helping you with a parent-to-child exclusion to avoid property tax reassessment – plus buying out your sister for much more than if she sold out to an outside buyer with a realtor involved, charging a 6% commission, legal fees, etc. This is win-win for everyone! I would suggest that you take a look at the CA State Board of Equalization at https://www.boe.ca.gov and read up on details at an established property tax relief blog like https://propertytaxnews.org or Wikipedia... And perhaps get some facts from an established trust lender like https://cloanc.com The more we know, the better off we’ll be dealing with a complex situation like this even though an attorney and a trust lender will be doing all the heavy lifting. It’s good to know what’s going on.
