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
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You have sold your interest in the property under an "installment agreement" and need to report it on your tax return as such. An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. You can read more about it here. For instructions on how to report an installment agreeement in TurboTax, see the following Help article:
Yes, you will need to file a Wisconsin non-resident tax return. No, you cannot claim the money as a "gift".
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