Tennents in common versus joint tennacy

Asked by Ted Jolley, Reno, NV Mon Feb 2, 2009

My partner owned a piece of property for several years. Recently we built a house together on said property and we change deed to Tennents in common. When completed house and land was re assessed they are saying in addition to the house value they need to re assess 1/2 the land value because 1/2 have was deeded to me. We decided on tennants in common because then our halves would be handed down to our respective heirs if either of us passed. Looking for advice. Is it best to take hit on taxes on re assesment of 1/2 property now ? What happens when heirs were to get ? Taxes ? is there any income tax consequences to me now if land is re assessed now ?

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Maureen Fran…, Agent, Birmingham, MI
Mon Feb 2, 2009

You are asking for legal advice and tax advice. The Realtors that frequent this site are not accountants or lawyers, and would be working outside of their licensing specialty if they were to answer your questions. Can I suggest that you call a lawyer and a cpa with your questions.

Good luck.
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