I have seven siblings and we share ownership on land and a house. We have agreed to sell both. What type of account should I open up? I do not want all the profits to be under my name only.
Untitled
If you have shared ownership, and assuming that ownership is not through a trust, you can direct that separate final proceeds checks be issued at closing when you finally sell the property. In that way, no one of you would have to show all the funds running through his or her account before distribution.
You should also ask your real estate agent to arrange for individual 1099-S forms rather than a single, blanket 1099-S. That's the form that reports proceeds from the sale of real estate. If the property is held in a trust for the benefit of all of you, the trust should open an account through which the proceeds can flow and which can show distribution of the proceeds of the sale to the IRS.
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If you have shared ownership, and assuming that ownership is not through a trust, you can direct that separate final proceeds checks be issued at closing when you finally sell the property. In that way, no one of you would have to show all the funds running through his or her account before distribution. 