1/1/2024 I purchased the 50% interest of a rental real estate LLC taxed as a partnership from my partner. I am now the sole 100% owner. The rental real estate owned by the LLC was originally purchased in 2003. A final 1065 return was filed appropriately. There was no activity reported on the final K-1's. I would have a capital gain of $1584.00 (difference in distribution and tax basis) resulting from distribution of cash held by LLC. Would this be long term or short term? Additional question, how do I enter this through turbo tax. I'm not seeing where specifically this situation would be addressed in the Turbo Tax prompts.
