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Types of Joint Ownership for Single Individuals

In regard to assets, there are several types of joint ownership for single individuals. Each option has specific tax implications and beneficiary rules if the owner(s) die. 

Joint Tenancy

n joint tenancy, each tenant gets an undivided interest in the entire property. Title to the property automatically goes to the survivor at the death of an owner.

Tenants in Common

This is a form of joint ownership in which the parties own a specific share of the property. Tenants in common have no rights of survivorship. If one owner dies, his/her interest goes to named beneficiaries, or if no beneficiary is indicated in the decedent’s will or trust, to his/her estate, not the remaining co-owners (unless they were designated as the beneficiaries).

Partnership

This form of ownership may be selected when two or more persons are co-owners of a business, such as rental real estate, carried on for profit. Partnership property belongs to the partnership and not the individual partners, who are not “co-owners” of the property but who have an interest in the partnership that owns the property. This form of property ownership is not further discussed in this text.

Note: Holding property as community property is available only to married taxpayers residing in community property states. 

Next Topic:   Basis of Co-Owned Property

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