My brother and I just recieved money from a life insurance policy of my fathers. My brother recieved 90% and me 10%. My brother being the fair guy that he is thinks it should be 50/50 and wants to give me some of his proceeds. My questions are these. If he gives me this money will I have to report it as income? Does this count as a gift? Will I have to pay taxes on anything over $10,000.
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