Site: nolo.com
... do with renting) dies, the surviving owners automatically get the deceased owner's share of the joint ... The mother paid all expenses of the property and received all the income from renting it to tenants. ... In some instances, maybe that's what the deceased person really intended—it's too late to ask. ... could miss out on a potentially big income tax break later, when the property is sold. ... If, 20 years later, you sell it for $400, IRS rules let you subtract your $100 basis, leaving $300 in ...