using this opportunity to ask a questionI remember my tax professor saying over and over again that holding property in a joint tenancy had adverse tax consequences when compared to a tenancy in common. my (foggy) recollection is that the reason was a TIC got a stepped up basis on the whole property while JT only got a step up on half (but could avoid legal issues on transfer). Now, after many years, I am questioning my recollection (and wishing I had paid more attention). Can someone confirm or refute my memory? thanks.I would also appreciate the source of the entire step up in Community property states -- that is not something I remember at all. thanks again.
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