Get your taxes done using TurboTax

it appears each will have to treat this differently 

 

I am not an expert in this area but did find the link below from an attorney responding to a similar situation where the parent and children sold the home while the parent was still alive.

 

https://www.beliveaulaw.net/2011/06/if-a-living-person-has-a-life-estate-for-a-house-can-they-sell-t...