Lee Sharpe looks at moving between two forms of co-ownership from a property tax perspective.
This article covers the fundamentals of property co-ownership from a tax perspective, and how those interests may be changed. Here, we are looking at beneficial (or equitable) interests in property, rather than the form of legal ownership (since tax almost always follows only the former). It must also be said that the following should not be considered legal advice, and competent tailored advice should be sought before undertaking any property-based transaction.
The basics
First, a brief summary of the distinguishing features:
- Joint tenancy – each joint tenant holds an equal share in the property, (no joint owner may hold a greater equitable interest than any of the other joint
