NC General Statutes
N.C. Gen. Stat. § 41-59 (2026)
Income derived from entireties property
✓ current as of July 2026
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(a) Income derived from property held by spouses as tenants by the entirety becomes personal property held by the spouses as tenants in common in equal shares.
(b) For income tax purposes, each spouse is considered to have received one-half the income or loss from property held by the spouses as tenants by the entirety. (1981 (Reg. Sess., 1982), c. 1245, s. 1; 1983, c. 449, ss. 1, 2; 2020-50, s. 1(a)-(c).)
Notes of Decisions
Cited in 1
case (1 in the last 5 years), 2025–2025 · leading case: John Carr Smith, No. 24-00608 (Bankr. E.D.N.C. Feb. 10, 2025).
John Carr Smith, No. 24-00608 (Bankr. E.D.N.C. Feb. 10, 2025). “§ 41-59 (a). Further, a voluntary sale and conveyance of entireties property to a third party terminates a tenancy by the entirety, and “[p]roceeds of the sale, including surplus funds generated from a foreclosure sale, are personal property held by the spouses as tenants in…”
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