In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Question

Quizplus · Accepted Answer

Tenancy in common is a type of ownership where each individual owns a proportionate share for tax purposes, and only their share is included in their estate. In this type of ownership, each owner has the right to transfer or sell their share without the consent of the other owners, and their share will pass to their heirs upon their death. It is different from joint tenancy, where each owner has an equal share and the property automatically passes to the surviving owner(s) upon death.

In What Type of Ownership Is Each Individual Considered to Own