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All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:
Suggested Answer: D
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38 comments · newest first
CH
Cheryl
11 months ago
I thought the stepped-up basis was only for inherited property, not joint tenants.
VA
Val
11 months ago
Wait, D? Really? That sounds off.
IS
Isidra
12 months ago
C is definitely right, no probate needed!
JI
Jill
12 months ago
I agree, B is correct too.
SA
Santos
12 months ago
A is true, the marital deduction applies.
EL
Elenora
1 year ago
I thought all the benefits would be available to the surviving spouse, but I can't recall if that applies during estate administration. Maybe B is the odd one out?
FE
Felix
1 year ago
I practiced a similar question about joint tenancy before, and I think C is definitely true because it avoids probate.
GA
Gaynell
1 year ago
I'm not entirely sure, but I feel like the stepped-up basis in D could be a tricky point since it might not apply in all cases.
DO
Dona
1 year ago
I remember studying that joint tenancy allows property to pass directly to the survivor, so I think A might be the one that's incorrect.
PA
Paris
1 year ago
This seems like a pretty straightforward question about Spring Boot. I'm pretty confident I can figure this out.
CL
Clorinda
1 year ago
Hmm, I'm a bit unsure about this one. The options seem pretty similar - note, state, activity, comment. I'll need to think it through carefully to determine the right answer.
LA
Laticia
1 year ago
I think we covered this! Pretty sure it's a domain UUID, but I've seen similar questions asking about object UUIDs too!
MI
Milly
1 year ago
Wait, is this a real estate exam or a game of 'Guess the Loophole'? D is the answer, but I'm also going to throw in a 'plot twist' just for fun.
CH
Chandra
1 year ago
Plot twist: The answer is actually D, but let's keep things interesting!
HU
Hui
1 year ago
D) In common-law states the total value of the properly receives a stepped-up tax basis in the estate of the first spouse to die.
PA
Patrick
1 year ago
C) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
DA
Darrel
1 year ago
B) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
HO
Hoa
1 year ago
A) The deceased spouse's interest in the properly qualifies for the marital deduction since it passes outright to the surviving spouse.
RY
Ryan
1 year ago
D has to be the right answer. I bet the person who wrote this question is a real estate troll, trying to trip us up with this 'exception' business.
PE
Pearly
1 year ago
Aha, got it! The correct answer is D. In common-law states, the property doesn't get the tax basis boost. Bummer, but at least the other perks of joint tenancy are still there.
IV
Ivette
1 year ago
Good to know! Thanks for clarifying that D is the exception when it comes to joint tenancy with right of survivorship.
ZO
Zona
1 year ago
Yeah, it's a bummer about the tax basis, but at least the other benefits of joint tenancy are still in place.
HE
Hermila
1 year ago
That's right, D is incorrect. The property doesn't get a stepped-up tax basis in common-law states.
MO
Monte
1 year ago
Hmm, the correct answer must be D. I mean, who wouldn't want a stepped-up tax basis? That's like the holy grail of property ownership!
LE
Levi
1 year ago
User 4: I agree with the original comment, D seems like the best choice for a stepped-up tax basis.
MA
Maybelle
1 year ago
User 3: Actually, I think it's C. Jointly held property between spouses avoids probate.
CR
Craig
1 year ago
User 2: No, I believe it's B. All benefits of ownership remain available to the surviving spouse.
ID
Idella
1 year ago
User 1: I think the correct answer is A. The deceased spouse's interest qualifies for the marital deduction.
AN
Anjelica
1 year ago
Hmm, now that you mention it, D does make sense. It's definitely a key benefit of joint tenancy.
SI
Sina
1 year ago
I see where you're coming from, but I still think it's D. A stepped-up tax basis can be a huge advantage.
JA
Jacklyn
1 year ago
User 2: Yeah, a stepped-up tax basis would definitely be a huge benefit.
LA
Lajuana
1 year ago
No, I'm pretty sure it's C. Jointly held property between spouses avoids probate.
MA
Mabelle
1 year ago
User 1: I think you're right, D does sound like the best option.
TO
Tommy
1 year ago
I think the correct answer is actually A. The marital deduction applies to property passing to a surviving spouse.
AR
Arlene
1 year ago
I think the correct answer is D. In common-law states, the total value of the property does not receive a stepped-up tax basis in the estate of the first spouse to die. This seems counterintuitive, but that's the exception I guess.
JA
Jamal
2 years ago
But doesn't joint tenancy with right of survivorship avoid probate, so C must be the correct answer?
BR
Broderick
2 years ago
I disagree, I believe the answer is A.
JA
Jamal
2 years ago
I think the answer is D.