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TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 13158
Experience:  15 years of experience in financial advising with emphasis on tax issues.
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Robin, thanks for answering my previous question. I have a

Customer Question

Hi Robin, thanks for answering my previous question. I have a new one if I may.A man inherits the right to either buy a property or alternatively just take the proceeds from the sale of that property. He wishes to disclaim in favor of his adult children.
1.Can he nevertheless exercise his right to refuse to buy the property and have that refusal hold true AFTER the disclaimer (he does not wish his children to be encumbered with property issues as in his view they are too inexperienced to handle real estate)?
2. Furthermore, can he exercise that right of refusal without "poisoning" the disclaimer, that is, losing the tax benefit?
Submitted: 1 month ago.
Category: Finance
Expert:  TaxRobin replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 1 month ago.

He can take the proceeds of the sale. The inherited property receives a step up in value to fair market value if the property is not purchased.