I live in Maryland and just received a life insurance check due to my dad's passing and will be depositing the check in my bank account soon.
I would like to split the proceeds with my sibling. Would there be tax implications of issuing a cashier's check to my sibling of $25K+, even if it's from life insurance proceeds? If I do have to report this as a gift, is this form to report it available in the Turbo Tax Deluxe software when filing taxes? I usually e-file Federal and Maryland with the TurboTax Deluxe software, so I want to make sure that I won't have to do anything separately if it does have to be reported next year.
