Under Nevada law, all of the following are characteristics of joint tenancy with right of survivorship EXCEPT:
Correct Answer
D) The surviving joint tenant receives a stepped-up income tax basis on the entire property, including their own original share.
Option D is the EXCEPT answer because it is NOT a characteristic of joint tenancy. Under federal tax law, when a joint tenant dies, only the deceased joint tenant's share receives a stepped-up income tax basis. The surviving joint tenant's original share retains its original cost basis. This is a critical distinction from community property with right of survivorship (CPWROS), which provides a full stepped-up basis on the entire property. This tax disadvantage is one of the key reasons married Nevada couples may prefer CPWROS over joint tenancy.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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