just bought a 5-year old house and there is a long vertical crack locating at stairs where two walls joints, almost up to ceiling, according to the homeinspectorm this could be a settlement crack. 3/16'' width for some areas.
I am coming up with several options to fix this: the first is to use some latex caulk to fill the gap and smooth the corner. the second one is to use joint compound to fill in, embeding tape may be an additional step. Please advise.

I am coming up with several options to fix this: the first is to use some latex caulk to fill the gap and smooth the corner. the second one is to use joint compound to fill in, embeding tape may be an additional step. Please advise.