My mother transferred ownership of the house to my brother, sister and I onto the deed over 15 years ago so the nursing homes would not be able to take the house. She died in 2013 and my sister is going to buy my brother and I out of our shares for $80,000 each. Is the $80,000 taxable? It's essentially our inheritance. If so what kind of an account can I put the money in so it will be taxed the least? I am told I can't put it in an IRA directly and I need to put it in another account first and transfer the money over in smaller increments.
