There are 6 heirs per a New Jersey will. The will left her portion of the home to the heirs with my husband as executor. We are selling our portion of the home and we are being told that the 6 heirs will receive a 1099 for this sale. My question is, doesn't the 1099 need to be issued to the estate? The funds from the sale will be put into the estate account from which bills are being paid. If 1099's are issued to the heirs and not the estate, won't taxes need to be paid by the individuals? Also, the 1099 won't reflect any expenses that were paid.
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