When my mother in law passed away, my wife and her eldest brother were on title for the properties. The two younger brothers, who got nothing, felt the they were intitled to "something". The four siblings met and agree to terms where sister and older brother would pay the two younger brothers an agreed upon amount of money (+$150K). They all meet at an agreed upon attorney and it was put to paper and signed by all in attendance. In 2025, my wife and I mortgaged our house to pay them what was due!
So, does form1099S need to be issued to them as income to then from the settlement or some other form1099?
Looking for advice on how to proceed.
Thanks
