Thank you for the reply. I believe you meant to say report it as a negative number and not positive correct?
So it sounds like from your response that unless a 1099-S is received you would not need to file considering it would be a loss and losses can't be reported because it's between two siblings. Here's my followup question tho, how do I prove all this to the IRS and make sure that I'm ok if a return is not filed? Just keep copies of all documents associated with this like for example, the Quit claim Deed, some type of FMV valuation that proves the value of the property was significantly greater than what I received in the buyout?
Will Turbotax even allow me to file if it's not necessary just so the IRS has proof of all this?
