My 80 year old brother sold his house (principal place of residence for more than 40 years) and moved to an assisted living facility. At his direction I put the proceeds in a Jointly owned CD. Although the money is clearly his I was listed a the principle owner. The bank sent me the 1099 INT. I see advice that implies I can send him and the IRS a 1099 INT for his share (which is 100%) and file a form to "correct" the 1099 INT that I received.
Is this correct and how, exactly, do generate the 1099 INT, send it to my brother and the IRS, and "correct" the 1099 I have received.
thanks
