Joint Tenancy Laws In California
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FAQ
How do I create a joint tenancy? You must have a written document, like a deed to real property or title to a car, that says the property is in joint tenancy with the names of the joint tenants.
If it passes through the estate, it receives a step up in basis. JTWROS property's step up in basis depends on whether or not the owners are married. If married there will be a 50% step up in basis. If not, it is based on the decedent's percentage of contribution.
California law allows joint tenants to sever the joint tenancy so their interest will pass under the laws of probate, meaning their partial interest in real estate will go to their heirs, e.g., their spouse or children.
For spouses: Assets in JTWROS accounts may get a step-up on cost basis when either spouse passes away. This can help reduce capital gains taxes when selling a property, but you can only step-up half of the full value of the asset. This 50% step-up represents the portion owned by the joint owner who died.
Joint Tenancy is a way of holding title to a property in California, where two or more individuals own the property together with equal rights of ownership. When one owner passes away, their share of the property automatically transfers to the surviving owners.