Consider Irene, who recently became a widow when her husband, Henry, passed away. Like most married couples, they held the title to their home in joint ownership with the right of survivorship. In plainer language, this means that co-owner Henry’s death results in his loss of all ownership in their dwelling. Surviving co-owner Irene automatically acquires all ownership in it.
For more information on this topic, read our article Capital Gains and Home Sales.
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