Opus,
Thank you for the quick reply. As for more background, The house in question which was owned outright by the siblings father and mother was willed to my wife and her sister upon their father's death. My wife and her sister then sold the house in early 2024 to help pay for his wife/their mother's long-term care at a private pay assisted living facility. When all is said and done most of the proceeds of the sale (ie., roughly 70%) will be exhausted by the end of calendar year 2024.
The proceeds from the the sale of the house was deposited into a joint bank account (ie., separate from our personal bank accounts) that is shared by my wife and her sister. It is being used to pay their mother's long-term care expenses. In addition the selling realtor provided a Settlement Statement as well as a Property Summary Report from the local appraisal district where the house resides. I'm assuming we will have to complete the 1099-S using that information for tax preparation.
