That's what I was told to do originally using 1/3 of the proceeds and 1/3 basis since there is 3 of us. However, since the estate accountant read the settlement sheets and believes me that the estate sold the property and wasn't deeded to us, he gave us all K-1s.
Are you suggesting to disregard the K-1 and go this route? There should not be a gain or loss, is it a Wash?
I just want to do this correctly and move on with my life. Ty
