survivorship.
the tax consequence I mentioned above is what's known as a "step up in basis".
If yo want to put your co-owned property in joint tenancy and qualify for a stepped-up cost basis, too, you simply need to be able to convincingly document to the IRS that the property is community property. Some experts recommend that you place the words "community property held in joint tenancy" on the deed.
There is very little reason for a married couple to choose a joint tenancy. community property with right of survivorship offers the same advantages and more.
What is the big deal then? TERMINATION OF CO-OWNERSHIP. for community property with right of survivorship, BOTH spouses must agree while joint tenant may transfer interest to him- or herself or another as tenants in common (TIC), or may get partition order from court.
the tax consequence I mentioned above is what's known as a "step up in basis".
If yo want to put your co-owned property in joint tenancy and qualify for a stepped-up cost basis, too, you simply need to be able to convincingly document to the IRS that the property is community property. Some experts recommend that you place the words "community property held in joint tenancy" on the deed.
There is very little reason for a married couple to choose a joint tenancy. community property with right of survivorship offers the same advantages and more.
What is the big deal then? TERMINATION OF CO-OWNERSHIP. for community property with right of survivorship, BOTH spouses must agree while joint tenant may transfer interest to him- or herself or another as tenants in common (TIC), or may get partition order from court.
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