1) I am 62 years old Married and both of us are retired with gross income around $131k (two pensions and small monthly 401k deduction). I live in Ohio. I was put on my Mom's Condo Title in Feb. 2022 (Joint Tenant with Right of Survivorship and not as Tenants in common). Currently Condo worth around $260k. What happens tax wise in the future when I am the sole owner of this property? I currently own my own home and this would be a second. There is a Will and my Mom wants me to sell and split four ways with my Siblings. I just need an idea of tax liability so I can also split this four ways (Sell, pay taxes and deduct taxes I had to pay for Siblings). If this makes sense.
2) One more question: Including information above, when I reach Medicare age 65 they will look back two years for total income. How does the sale of this Condo get documented in taxes (I am trying to stay under $194k for Medicare premium purposes).
