@4ehano ,
As I understand your situation ( thank you for answering my questions):
(a) Two of the four siblings were on the deed of the property prior to the passing of the decedent --- note that if that is the case then depending on how the actual language of the deed, there may be no step-up ( at the passing of the decedent ) and all or none of the asset may be part of the estate. Please check with your lawyer and/or inspect the documents involved
(b) For familial reasons the other two siblings ( those not on the deed ) have been given a cash "gift / inheritance " by the "owning" siblings.
Thus , and assuming that there is nothing of value being provided by the recipients in exchange , this is a case of inheritance distribution or a gift.
(1) If the lawyer determines that this is an inheritance sharing then there is NO form to be filed -- no 1099s etc. Please see the exact language in the agreement.
(2) If this is a gift by one / more donor to another donee then the donor may need to file a form 709 recognizing the gift ( above the free annual limit per donor per donee ) and this will count against the donor's life time gift/estate free amount.
Personally I think this is a sharing of in heritance and therefore needs no filing. IMHO
Is there more I can do for you ?
