No, you do not need to report the purchase to the IRS.
Probably not, there could be an estate tax when she passes away, however, the current threshold to have to pay taxes on an estate for the federal return $13,610,000. However, states have different inheritance rules, so depending on your state, you may have to pay a state inheritance tax.
Yes, you would need to report the sale even though it is 1% ownership. You would report 1% of the profit.
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