Do you know where the deed to your home is? Even if there is an outstanding mortgage, you are still the owner on title. The top of the form will probably state, “Grant Deed”- not “Deed of Trust”. There are significant income tax differences in holding property as joint tenants or as community property. Only community property will allow a double step-up in basis upon the passing of a spouse. This can be remedied with a simple deed to change title from joint tenancy to community property.
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