Chapter 10: Basis Rules, Depreciation, and Asset Categorization

01.Core Concepts

• Applies to: • Joint Tenancy with Right of Survivorship • Tenancy by the Entirety • The property passes outside of probate. • The surviving joint tenant is deemed to receive the property from the decedent. • Basis is stepped up to the extent that the value of the property is included in the gross estate of the decedent. • Results in a partial step up in basis