Rick and Gail are equal tenants in common in real estate. Upon Gail's prior death, Rick's basis in the real estate does not change.

Name: Rick and Gail are equal tenants in common in real estate. Upon Gail's prior death, Rick's basis in the real estate does not change.
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Question

Quizplus · Accepted Answer

In a tenancy in common, each tenant owns a separate share of the property. Upon Gail's death, her share does not automatically transfer to Rick, so his basis in the property remains unchanged.

Rick and Gail Are Equal Tenants in Common in Real