joint ownership

(redirected from Jointly-Held Property)
Also found in: Dictionary, Financial, Encyclopedia.
Related to Jointly-Held Property: Jointly Owned Property
See: pool
References in periodicals archive ?
Because only one-half of the jointly-held property is included in the gross estate of the deceased spouse, the related income tax basis rules permit a step-up in basis to the date of death value on only one-half of the property.
Note that when the jointly-held property is the primary residence of the husband and wife, the Sec.
That is because the jointly-held property will pass to the surviving spouse regardless of the provisions in the will of the first spouse to die.
2 million of jointly-held property will pass automatically to Carol and be eligible for the marital deduction and only $200,000 will be shielded from tax by Mike's unified credit.
To avoid wasting any of the unified credit, spouses should consider terminating the joint tenancy ownership status on some or all of the jointly-held property.
The estate tax treatment depends upon whether the joint owners acquired the joint ownership interest through gift, bequest, devise, or inheritance from a third party or if the joint ownership arises through some other means, such as the purchase of the jointly-held property by one or more of the joint tenants.