[WSBARP] Estate Woes: Transfer of RP-Income or Sale

[Kristen Anderson]

Estate with rental occupied by one of 4 heirs. Occupying heir wants to “buy” house. Other heirs agreed years ago to sell to occupying heir as part of estate at an agreed price. Fast forward to present after death of parent. Estate quit claims to occupying heir who arranges financing. Closing 2 days ago. Now, title co. says estate needs to complete 1099 to file with IRS. Is this “sale” income to estate? Can title co. suspend loan after closing because of this issue? Tomorrow is last day for recission. Any help very welcome!

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