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T
taxesbydot
Level 4
February 27, 2025
Solved

1099S issued to one sibling

  • February 27, 2025
  • 1 reply
  • 9 views

Life estate but parent not deceased. Home was sold. I did calculate the remainderman's interest so am good there. I am wondering if the distributions to my client's siblings will have any impact. I have reported the entire gain on his return. Should I do something different?

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Best answer by Just-Lisa-Now-

If they didnt own the home and it was sold, anything given to them would be a gift.

1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community ChampionAnswer
Intuit Community Champion
February 28, 2025

If they didnt own the home and it was sold, anything given to them would be a gift.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    T
    taxesbydotAuthor
    Level 4
    February 28, 2025

    That's what I was afraid of. Peace in the family is a good thing though. Thank you.

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