What are the tax consiquences if a parent gives a home to a child as a gift. Will prop 13 be vioded? Are the taxes much more than normal?

If you gift a home to a child then you may be liable for gift tax consequences, depending on the value of the home. This is turn can have consequence in your estate planning, particularly if the sum of gifts you make plus your estate value exceeds $2M. As for Prop 13 in California - actually Proposition 58 allows parents to pass their property on to their children without reassessment, as long as the home has been the parent's primary residence, or if not a primary residence then the first $1M is excluded from reasessment. The child must file a Prop 58 waiver form to avoid the reassessment. The transfer may be through gift, sale, or inheritance. See:

Frequently Asked Questions - Exclusions from Reappraisal - Board of Equalization (http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm)