A lot was sold within an estate. The title company handling the sale of the land did not issue a K-1. Recipients were told to use settlement statement to report sale amount received on their income tax. Executor of the Estate created a K-1 for the Recipients to use for taxes. Is this a proper procedure?
The likely proper procedure would have been for the title company (settlement agent) to have issued a 1099-S to the estate and then the executor would file (or arrange to have filed) a 1041 with K-1s issued to the beneficiaries.
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