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How to report funds obtained from a state's escheatment (unclaimed funds) account?
In 2024 I received a check from New York State for unclaimed funds from my mother's abandoned account which went into a newly created Estate Account. Her original estate was closed many years ago. I have given an equal share to my siblings. The funds are a combination of accrued dividends since her death and the sale of a stock in 2024 when the money distributed to me, acting on behalf of my mother's estate. What is the easiest way to report this income which is about $1000 to each sibling? For simplicity can I just report my share on my personal tax return with my siblings doing the same? I know the cost basis for the stock.
‎January 23, 2025
12:56 PM