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When adding someone to your house deed as a joint tenant with right of survivorship, the property transfers outright to that person upon your death. This method is often used to avoid probate and facilitate the transfer of real property to heirs, such as children. However, a crucial disadvantage arises if the property has significantly appreciated in value; the recipient inherits it at the original purchase price basis, not the current market value. For instance, if you bought a home for $100,000 and it's now worth $1 million, your child would receive it at the original price, which can lead to substantial tax implications.
