My question is this-
My family has land in Oklahoma, which was in my sister’s name. The land was leased to tenants for farming, and all rent was deposited into a CD in her name (the land and associated rent go into a “rainy day fund” for our family). Last year, the house on the property caught fire and was declared a loss for ~$27K.
Recently, she quitclaimed the land for me to manage, as well as the cash associated with it (the $27k from insurance that was filed before I took possession of the property, and $11k from a closed out CD that was used to deposit the rent from the property). I’m having trouble getting started on how to address these large cash deposits when I file. Any advice would be greatly appreciated!
