Thank you all for your very clear answers. Yes, I did account for the stepped-up basis. The property was professionally appraised after the death of each parent, but the work the developer did in the past three years greatly increased the selling price. Yes, the estate (not four heirs) sold the property. I will pursue the nuances mentioned in these posts, but have a much better understanding of how this is handled now. Greatly appreciate all of these replies, and so quickly!
