This should be reviewed with a real estate attorney of the state where the property was located.
Types of Deeds and methods of transfers are governed by the states. You'll need to understand what "Signed Over Complete Ownership" means in order to determine your basis.
Your "basis" (or what the property was worth when you obtained it), could be the value on the day the deed transferred OR the value at time of passing.
You should receive a 1099-S for the sale of the house. You will enter that form and answer the following interview questions so that TurboTax knows how to report the sale.
You can use TurboTax Deluxe, but the software will not be able to determine your basis. You will need to get that answered first.
About Life Estates
TurboTax answer regarding an inherited house
TurboTax explains Basis
[Edited 02/09/2021 | 12:35 PM PST ]
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