Isn joint tenancy ownership and community property ownership one and the same?
No! There are many important differences.One difference is that community property title has an income tax advantage over joint tenancy title on appreciated assets when the first spouse dies. The surviving spouse is entitled to a “STEP UP IN COST BASIS” to the market value of both the deceased spouse’s and the surviving spouse’s 1/2 interest in the property even though the surviving spouse is still alive. If tile is left in joint ownership, only the deceased spouse’s 1/2 interest gets a stepped up basis.
Related Questions
- Can a joint tenancy title be changed without permission of the other joint tenant, and is my mother entitled to all or half of the property?
- What is the difference between property ownership in joint tenancy from ownership in tenants in common?
- Isn joint tenancy ownership and community property ownership one and the same?
