Richard and Marie are joint tenants in a tract of land. Upon Richard's prior death, Marie's income tax basis in the land does not change.

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In a joint tenancy, when one tenant dies, the surviving tenant(s) receive the deceased's interest in the property, which often results in a step-up in basis for the portion of the property that was owned by the deceased, potentially affecting the surviving tenant's basis in the property.

Richard and Marie Are Joint Tenants in a Tract of Land