Is this payment check be OK for 2022 tax filing?

[tuanngnttax]

So you are telling me that my brothers and sisters must be on the deed too in order to be rightfully own of the property.  Only me on the deed, not my brothers and sisters. I have only the old will that stated after my father died, this house will be distributed to among the children. 

[tuanngnttax]

Basically, there is no document that shows that my siblings have an ownership interest in the property that I sold this year. Only my previous will stated that after my father died, the house will be sold and distributed among the name of the children. I did research on nominee adjustment in real estate, but I see nowhere that requires the shares of the gross proceeds rightfully their shares or they each have an ownership (or other) interest in the property. Can you show me where the IRS that requires the nominee recipient to have an ownership interest in the sold property?  I am very worried about this.

[Anonymous_]

Your father could certainly leave his ownership interest (his share) to your siblings in his will, but he could not devise a share of the real estate that he did not own (the share you owned).

Of course, if you and your father owned the property as joints tenants with rights of survivorship, then his share passed to you by operation of law (outside the will).

[tuanngnttax]

So you are saying whatever I am doing on the nominee adjustment is wrong because my 4 siblings didn't have the ownership interest in the property that I have sold?  Are you a CPA?

[tuanngnttax]

Where does it say that the IRS required the transferor in the form 1099-s must have ownership of the sold property or where did the IRS say that the party in the nominee adjustment process must have ownership of the sold property?

[Anonymous_]

See https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-1/subchapter-O/part-II

§§1011-1015 of the tax code address the basis of property and each contemplates ownership.

[tuanngnttax]

I read that website thoroughly based on your instruction and I didn't see anything that provides the requirement on the nominee adjustment topic.  Maybe I am missing. Oh well, I believe I need to talk to CPA to make sure what I am doing is right.

[Anonymous_]

Here are the general instructions from the IRS:

https://www.irs.gov/instructions/i1099gi#en_US_2022_publink1000286907

[you might want to note that some of us on this board have advanced credentials that are at the level, or even above, those of your average CPA]

[tuanngnttax]

Thank you for all the valuable informations. If I offend you all, please forgive.