Was the real estate property distributed to you when the partnership dissolved? What was the Fair Market Value of that real estate on that date? You will need to know this before you can calculate your final basis in the partnership and determine if it was a gain or loss.
Was the LLC created at the same time the real estate was purchased? If so, then the dissolution transaction would result in a long-term gain or loss.
When you enter the final K-1, report that the partnership closed in a final liquidation. TurboTax will walk you through reporting your final basis and determining if you have a gain or loss.
However, this is a complex situation. You may wish to consult a local tax professional regarding your ending basis in the partnership and your new basis in the real estate property.
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