Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

you don't report an inheritance on your federal tax return unless it is from a tax-deferred account and the tax was not already paid.

@Bugaboo2 

sis made a gift and needs to file a gift tax return. you are not taxed on the gift so there is nothing to report in your income tax return. 

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Thank you for your help!

Thank you so much for your help!!