[WSBAPT] Tax Implications re Disclaimer or TEDRA

[Inge Fordham]

Colleagues,

I do not profess to be a tax guru – in fact, I always tell my clients to consult with a CPA on tax matters.  With that said, I have a relatively simple situation that I hope has a simple answer.  Situation is as follows: widowed father dies testate.  Will says estate is to be split equally between son and daughter.  Assume for sake of this hypothetical that the sole asset of the estate is a parcel of real property.  Son wants the property to go to daughter (his sister).  He has no children.  There are no other siblings involved.  In this situation, it seems son could simply disclaim his interest and PR (who happens to be son) can simply transfer the parcel to the daughter.  Are there any tax implications with the disclaimer?  The alternatives I see are: (1) PR transfers the real property to son and daughter and then son gifts his half to sister (which necessitates the filing of a form 709); or (2) son and daughter execute a TEDRA Agreement allowing PR to transfer the property solely to daughter (would that still require a form 709)?

Thank you,

[uc%3fexport=download&id=1W3rEcChy0_E0cCfV5up02mkhwnL6eWIs&revid=0B4P5JoIHdbFaR29EbHlRWHFseFV5STZpSUVGeUNPWldkVDFVPQ]
Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

Confidential Communication: This email is sent to a recipient on behalf of an attorney/law firm, and is information intended exclusively for the individual, entity or company to which it is sent.  This communication may contain proprietary, privileged or confidential information or may otherwise be legally exempt from disclosure other than to the intended recipient.  If you are not the named addressee, you are not authorized to read, print, retain, copy or otherwise disseminate this message or any part of it.  If you have received this email in error, please notify the sender immediately by email or other communication and delete all copies of the message.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220824/9c32c170/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 358107 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220824/9c32c170/image001.png>