Selling of a Home My wife, along with her sisters and brothers, received an equal disburstment from the sale of their mother's home in which she owned 1/2, and the other 5 siblings each received 1/10th of the total proceeds which was a total of $6,100.00. Each sibling also received a 1099-S FORM which shows the gross proceeds as being $66,000.00. This is what the house was sold for.
Each sibling signed over there check back to their mother who then used that money, along with her share and purchased a new home.
My question is;; Does the $6,100.00 have to be claimed as any kind of income or capital gains, or, being that we donated the money back to her, are we exempt for the $6,100.00? |