@RobertB4444 Thanks, Robert. So basically, that money they paid is "lost money"? I am not sure what "inheritance tax" means really, but it seems it is money that they will never be compensated for, correct?
On your other point: so it was a mistake that one of the heirs filed Form 706? As I said, it had a 0 total, but I guess it wasn't needed? I hope that is not a problem. The heir was told that she needed to do it, but hearing you it seems that it wasn't needed.
Additionally,
1) Would Form 706 be needed if the inheritance title transfer were to occur before liquidating the asset (land)?
2) What situation is ultimately more beneficial, to inherit money (sale happening before the inheritance transfer) or to inherit land (sale happening after the inheritance transfer)? I ask because there is a second parcel that the 3 siblings of the decedent are trying to sell.
