What JOINTLY OWNED PROPERTY means: Property held in the name of more than one person.
- Definition Joint Tenancy:
- Dictionary ownership under which two or more individuals own property. Each tenant has an undivided interest in the entire property. On the death of one of the owners, the survivors become the owner of the jointly owned property.
- Definition Joint Venture:
- Dictionary participated in by associates acting together, with a community of interests, each associate having the right to participate in its management. For income tax purposes, a joint venture is treated as jointly owned property.
- Definition Joint Return:
- Dictionary A return combining the income, exemptions, credits, and deductions of a husband and wife jointly owned property.
How works Jointly Owned Property meaning in Tah definition J .