Some more context. I live in NV so I do not pay state income tax. The Trust is irrevocable, I am the trustee, my sister and I the heirs, the home was the only asset and I've distributed proceeds to both myself and my sister.
Again, FMV that my tax accountant is using for the home is $700,000 and the home sold for $700,000. The trust is still open so no K1 has been generated (do I need to consult my lawyer?).
Thank you!!
