My dad wanted to sell the land and give the proceeds to me and my siblings now versus after he passes in order to save us the headache of dealing with it when he's not around. The buyer of the land wire transfered my share into my account (all within US). Is this technically a gift from my dad or should I consider it income from a land sale, since the money I received came directly from the buyer? I ultimately want to know what the tax implications (planning ahead) are and how I need to report it. Thank you!
