Re: How To Properly Fill Out PCOR

I believe it is part of the revenue and tax code to file a COR. A PCOR is not required but a COR is. The penalties for not filing don't start too high ($100), but can go up to $5,000 and they can go back up to 8 assessment rolls to collect. Not sure if that is likely though. You can see the url below for LA County info:
[www.boe.ca.gov]

Your situation does seem like a taxable event. Maybe you could've transferred it into a trust and transferred the trust to the new buyer instead. Oh well, .... hindsight.