Updated over 7 years ago on . Most recent reply
Fee Received for signing off on RE Sale to clear title
A relative sold a shopping center. There were issues in the title that were going to prevent the sale. So relative offered to pay my mother and son $36K each, to have them quitclaim off the property. His alternative was losing this sale, and going to court to establish clear title.
We did not get a 1099S from the title company. My question is how do I show this income from the sale? Anyone ever encountered anything like this? Obviously, we are looking for the most tax advantageous route.