• California tax advantage of California community property vs. Joint Ten

    From D L@21:1/5 to All on Wed Mar 29 17:38:01 2023
    I understand that community property has a tax advantage upon the death of a spouse where no capital gains will be paid by the surviving spouse. Whereas, in case of joint tenants, the surviving spouse has to pay capital gain on the share of the deceased
    spouse. Is this right?

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  • From Stuart O. Bronstein@21:1/5 to D L on Thu Mar 30 11:49:28 2023
    D L <debbie.lafourche@gmail.com> wrote:

    I understand that community property has a tax advantage upon the
    death of a spouse where no capital gains will be paid by the
    surviving spouse. Whereas, in case of joint tenants, the surviving
    spouse has to pay capital gain on the share of the deceased
    spouse. Is this right?

    Essentially. To avoid the dilemma of whether to title property as
    joint tenants for ease of transfer on the death of one spouse, or
    community property for the tax benefit, California instituted a form of
    holding title called Community Property with Rights of Survivorship.
    If you hold title that way (only available for spouses) you get the
    benefits of both joint tenancy and community property.


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    Stu
    http://DownToEarthLawyer.com


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    << The foregoing was not intended or written to be used, >>
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    << are at www.asktax.org. >>
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