I am really confused. I hope you can help. Both my parents became ill in 2023. My dad eventually died from Alzheimer's in April 2023. My mom has Dementia. My older brother got power of attorney to handle both their finances and affairs. In March 2023, we went to an attorney with my mother who was still coherent because my dad was sliding fast with the Alzheimer's. We opened a Freeman Family Irrevocable trust account with it's own tax ID # at the recommendation from our attorney. All 3 of us are co-trustees and co-beneficiaries of the trust account. Basically, my mom gave up ownership of her and my dad's home, that was paid in full at the time of sale, to the trust account. In May, after my dad died, my older brother wanted to sell my parents home. The fair market value of the home was around $375,000, but we sold it for $205,000 because the house needed a lot of repairs, plumbing replaced, new electrical and roof and had termites. The house was over 60 years old and needed a lot of repairs. Me and my younger brother are disabled and my older brother lives in another city quite a way from us. We did not know or were told about filing taxes on the trust account. In the mean time, almost immediately after we received the funds for the house, both brothers took their share of the money out of the trust account from the sale of the house that was put in the trust. I had kept my share in there until just recently I was told by my older brother to take it out. None of us received a K1 for the equal disbursements of the funds to each sibling. Which I had just recently researched. We did not know we had to do that. We got a 1099-S form from the title company the other day. Only money figure on the 1099-s was the amount we got for the sale of the house. no other boxes were checked. How do we report that on taxes for us individually? I only work part time, my tax liability for myself is 0 normally. I am not sure how to file the money I got for my share of the house. I had put $6000 of my share away in an account to help pay for my mom if she needs to go into a nursing home. I hope you can make heads or tails out of this because I for once in my life with doing taxes am totally confused. Thank you for any guidance you can give me.
