diff --git a/Include/cpython/object.h b/Include/cpython/object.h
index 71bd01884426ad..b9f494c4059d95 100644
--- a/Include/cpython/object.h
+++ b/Include/cpython/object.h
@@ -5,6 +5,7 @@
 PyAPI_FUNC(void) _Py_NewReference(PyObject *op);
 PyAPI_FUNC(void) _Py_NewReferenceNoTotal(PyObject *op);
 PyAPI_FUNC(void) _Py_ResurrectReference(PyObject *op);
+PyAPI_FUNC(void) _Py_ForgetReference(PyObject *op);
 
 #ifdef Py_REF_DEBUG
 /* These are useful as debugging aids when chasing down refleaks. */
diff --git a/Include/internal/pycore_object.h b/Include/internal/pycore_object.h
index ffd31bd4a27f49..53403ebcfc0043 100644
--- a/Include/internal/pycore_object.h
+++ b/Include/internal/pycore_object.h
@@ -730,6 +730,9 @@ _PyObject_ResurrectStart(PyObject *op)
 #else
     Py_SET_REFCNT(op, 1);
 #endif
+#ifdef Py_TRACE_REFS
+    _Py_ResurrectReference(op);
+#endif
 }
 
 // Undoes an object resurrection by decrementing the refcount without calling
@@ -743,13 +746,22 @@ _PyObject_ResurrectEnd(PyObject *op)
 #endif
 #ifndef Py_GIL_DISABLED
     Py_SET_REFCNT(op, Py_REFCNT(op) - 1);
-    return Py_REFCNT(op) != 0;
+    if (Py_REFCNT(op) == 0) {
+# ifdef Py_TRACE_REFS
+        _Py_ForgetReference(op);
+# endif
+        return 0;
+    }
+    return 1;
 #else
     uint32_t local = _Py_atomic_load_uint32_relaxed(&op->ob_ref_local);
     Py_ssize_t shared = _Py_atomic_load_ssize_acquire(&op->ob_ref_shared);
     if (_Py_IsOwnedByCurrentThread(op) && local == 1 && shared == 0) {
         // Fast-path: object has a single refcount and is owned by this thread
         _Py_atomic_store_uint32_relaxed(&op->ob_ref_local, 0);
+# ifdef Py_TRACE_REFS
+        _Py_ForgetReference(op);
+# endif
         return 0;
     }
     // Slow-path: object has a shared refcount or is not owned by this thread
diff --git a/Objects/object.c b/Objects/object.c
index 16aedac916bf34..d4a5bc19baf105 100644
--- a/Objects/object.c
+++ b/Objects/object.c
@@ -496,10 +496,22 @@ _PyObject_ResurrectEndSlow(PyObject *op)
         // merge the refcount. This isn't necessary in all cases, but it
         // simplifies the implementation.
         Py_ssize_t refcount = _Py_ExplicitMergeRefcount(op, -1);
-        return refcount != 0;
+        if (refcount == 0) {
+#ifdef Py_TRACE_REFS
+            _Py_ForgetReference(op);
+#endif
+            return 0;
+        }
+        return 1;
     }
     int is_dead = _Py_DecRefSharedIsDead(op, NULL, 0);
-    return !is_dead;
+    if (is_dead) {
+#ifdef Py_TRACE_REFS
+        _Py_ForgetReference(op);
+#endif
+        return 0;
+    }
+    return 1;
 }
 
 
@@ -589,20 +601,24 @@ PyObject_CallFinalizerFromDealloc(PyObject *self)
                               Py_REFCNT(self) > 0,
                               "refcount is too small");
 
+    _PyObject_ASSERT(self,
+                    (!_PyType_IS_GC(Py_TYPE(self))
+                    || _PyObject_GC_IS_TRACKED(self)));
+
     /* Undo the temporary resurrection; can't use DECREF here, it would
      * cause a recursive call. */
-    if (!_PyObject_ResurrectEnd(self)) {
-        return 0;         /* this is the normal path out */
+    if (_PyObject_ResurrectEnd(self)) {
+        /* tp_finalize resurrected it!
+           gh-130202: Note that the object may still be dead in the free
+           threaded build in some circumstances, so it's not safe to access
+           `self` after this point. For example, the last reference to the
+           resurrected `self` may be held by another thread, which can
+           concurrently deallocate it. */
+        return -1;
     }
 
-    /* tp_finalize resurrected it!  Make it look like the original Py_DECREF
-     * never happened. */
-    _Py_ResurrectReference(self);
-
-    _PyObject_ASSERT(self,
-                     (!_PyType_IS_GC(Py_TYPE(self))
-                      || _PyObject_GC_IS_TRACKED(self)));
-    return -1;
+    /* this is the normal path out, the caller continues with deallocation. */
+    return 0;
 }
 
 int
@@ -2616,11 +2632,10 @@ _Py_ResurrectReference(PyObject *op)
 #endif
 }
 
-
-#ifdef Py_TRACE_REFS
 void
 _Py_ForgetReference(PyObject *op)
 {
+#ifdef Py_TRACE_REFS
     if (Py_REFCNT(op) < 0) {
         _PyObject_ASSERT_FAILED_MSG(op, "negative refcnt");
     }
@@ -2636,8 +2651,11 @@ _Py_ForgetReference(PyObject *op)
 #endif
 
     _PyRefchain_Remove(interp, op);
+#endif
 }
 
+
+#ifdef Py_TRACE_REFS
 static int
 _Py_PrintReference(_Py_hashtable_t *ht,
                    const void *key, const void *value,