When you were deeded through the llife estate in 1997 you acquired ownership.
Your Cost Basis would be 50% the FMV on that date. In 2022, since your mom gave up her ownership, the Cost Basis for Sale would be the FMV at that time (which could include the value of improvements you made, as estimated).
Add the Cost of Sale (if any) to the Cost Basis, and subtract from Sales Proceeds to determine gain/loss.
Report the sale as Sale of an Investment in TurboTax. Yes, it would be considered Long Term.
Here's more info on How to Report a Sold Life Estate Property.
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