cobaltgirl
Junior Member
What is the name of your state?LA.
My Mom sold her house recently. My Dad died in 1975, there was a succession done. There are 4 daughters. We went to sign all necessary papers at a Title Insurance Co. My Mom rec'd a check for 1/2 the amount. Each sister rec'd their share of the other 1/2. My sisters and I then rec'd a Form 1099-S .My Mom did not. This form says PROCEEDS FROM REAL ESTATE TRANSACTIONS. In one of the squares it says Statement for Recipients. My question is one of my sisters and I are giving the money back to our Mom. Since we were given a 1099S form, are we required to show this on our State ? Federal? since we are not keeping the money. What is the tax amount we would have to pay? Is there something we can do so we won't have to pay taxes on money we didn't keep?
Thanks
tj
My Mom sold her house recently. My Dad died in 1975, there was a succession done. There are 4 daughters. We went to sign all necessary papers at a Title Insurance Co. My Mom rec'd a check for 1/2 the amount. Each sister rec'd their share of the other 1/2. My sisters and I then rec'd a Form 1099-S .My Mom did not. This form says PROCEEDS FROM REAL ESTATE TRANSACTIONS. In one of the squares it says Statement for Recipients. My question is one of my sisters and I are giving the money back to our Mom. Since we were given a 1099S form, are we required to show this on our State ? Federal? since we are not keeping the money. What is the tax amount we would have to pay? Is there something we can do so we won't have to pay taxes on money we didn't keep?
Thanks
tj