Question
selling property
My father bought a property and placed it under my brother's(1) name and I. My father decided to build a house in that property for a different brother(2). Brother(2) paid my father back by going through a mortgage company and getting a loan. The payment for the property was $140,000, which was the exact dollar amount my father spent building the house. It was divided equally between my brother(1) and I. We cashed the checks and gave the money to my father. My brother(1) and I did not keep any money or make any earnings. Do we need to do report it ? Each check we received was for $70,000 each.
