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The tenants in common who want to do a like-kind exchange must combine their interests to "purchase" the new property.
Another option is that the partner or tenant in common who wants cash can have his interest purchased by the other partners or tenants in common prior to the like-kind property exchange.
Joint tenants and tenants in common: Taxpayers living in common-law states may own property with a spouse either as joint tenants (tenants by the entirety) or as tenants in common.
Taxpayers who hold property as tenants in common own it according to their initial contributions to its acquisition; thus, if the decedent spouse contributed one-third of the purchase price of a residence, only one-third of its value is included in his estate and receives an FMV basis.
Tenants in common: If D and K lived in a common-law state and owned the property as tenants in common, only D's portion of the residence would receive a new basis.