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Get your taxes done using TurboTax
Does the family member receive a tax reporting statement (such as a 1099-R), report all of that income on their tax return (paying all of the income taxes thereon) and then distribute a share to each sibling?
If so, then you have essentially received a gift and do not need report the gift as the recipient of the gift.
‎October 6, 2022
6:13 AM
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