Thank you for your concern...
Situation is, the surviving parent of 5 siblings passed in May of 2020. The parent left a Will naming 5 siblings as heirs. One of the siblings still lives in the house and plans to continue living there. The other 4 siblings have agreed to relinquish their interest in the house. So I am helping to figure out how to make that happen. Thus the use of Qualified Disclaimers. But since the 9 month period has expired, they'll have to declare that gifts were given to the sibling. And of course, they each have the $15k exclusion. And actually, I don't yet know how much equity is in the house. I know there is a mortgage and perhaps the house is worth around $130k. So there won't be any tax actually paid by the heirs and not a lot to report on the 709.
I've learned a lot through this process. Problem is I don't know what I don't know. But I think I know enough now to proceed with the process. There was no Trust, so the estate will have to be probated since it appears to be worth more than $75k. I've been looking at a 1040 for the surviving parent for 2020, a 706, which I don't think needs to be filed due to the size of the estate, and then a 1041 that should have already been filed, but hasn't been. I figure I'll just wait and file the first and final 1041 when probate is complete.
Thank again!
