My mother put her children's name on the title of her home several years ago. We had to sell it recently to pay for her assisted living care. 5 of us, including Mom, each received 1/6 of the selling price. We don't want it to show as income as we've deposited our 1/5th into her checking account. We're trying to determine how to handle this as each of us just received 1099s. Any insight would be appreciated. Thanks!
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The dollar amounts involved can have an effect on the situation, varying for each of you involved, as can the conditions and dates of adding all of you to the property title. Too much complexity for anyone here to give a quick, accurate answer.
Is your mom on Medicaid?
There will most likely be replies from accountant-types here, coming along. Hang on for those. 🙂
Edit: There’s JoAnn! She’s one of the ones that I was thinking of!
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