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@joshuabarksatlcs wrote:

Regarding @rbynaker 's suggestion, a practical problem could be that, with the other assets, the estate might not be ready to close by 11/2023. 

One of many potential problems. 🙂  We're already ~14 months into the life of the estate so I suspect some sort of year has been locked in by now, fiscal or calendar.  I was mostly asking because that's among the many things we don't know.

Who knows how the other rental property may impact things too.  Rental would get a step-up and "fresh" depreciation which might create a loss or maybe it's wildly profitable. <shrug>

No mention of a 706 filed by the estate but if there was I think they're required to use the basis established on the 706 for gain/loss.  In lieu of that, (unresearched) I thought the IRS looks to probate filings to establish basis.  Not exactly my wheelhouse.  So yay, the estate attorney probably saved a few bucks on probate taxes . . . but now somebody has a $27K gain to pay income tax on.  Bad call if that's the estate, maybe not so bad if it's split among multiple beneficiaries and some of them are in a 0% LTCG bracket.  But way too much speculation at this point.

Still a great summary you posted.  Some of the best nut-shelling I've seen this year!