A property held by two or more individuals (usually a couple) where rent and capital gains are split by ownership percentages and each owner pays tax at their own marginal rate.
Useful when one owner is on a much lower marginal rate than the other - the split shifts income to the lower rate. The split is fixed by title (50/50 for joint tenants, configurable for tenants in common) and can’t be re-streamed year to year, unlike a trust.