We inherited mom's home after her death, and converted it to a rental property LLC in 2010. We sold the rental in 2024, hence closing the LLC as well. The form K-1 and resulting 4797 in TT is reporting the gain as short term in part II on 4797, where it should instead have been reported as long term in Part I.
In filling in TT, we are using the term "Inherited" as the "date acquired", and the sale date as 2024.
How do we get this income reported correctly on form 4797 as long term?
