@fpc wrote:
...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.
If there are five beneficiaries, with equal shares, and the house has a fair market value of $130,000, then each beneficiary's share is worth $26,000. That interest could easily be divided and quitclaimed over a two-year span without even having to file 709s.
If there is a mortgage and the balance is $55,000 or more, then each of the four beneficiaries would be gifting $15,000 or less which, again, would eliminate the need to file a 709.
