Hi!
My brother and I co-own a property that we inherited after our father passed away several years ago. In 2021, he started making payments to me to buy out my half of the property, based on a previously agreed upon total amount. The payments totaled $16,500 for the 2021 year. Here are my questions:
1) The property is located in Wisconsin where my brother lives, whereas I live in Ohio. Will I need to file a Wisconsin state tax return as well?
2) Can I claim any of the moneys as a "gift"?
3) I guess just generally speaking, how do I incorporate this money into my tax return, if I need to at all?
Many thanks!
-Ryan