Real Estate Inherited from Life Estate

[glsouter]

I just inherited and sold a home that was held in a life estate.  I held the deed to the home in our Family Partnership, LLC.  In filing my tax return using TurboTax Business 2024 I think I should be reporting it as an "Asset Disposal" and NOT reporting it through "Rental Real Estate Disposition"  - CORRECT??

Thanks.

[tagteam]

I believe you are correct re TurboTax Business and 1065 reporting in the program.

If you report through Rental Real Estate Disposition the program will likely try to calculate depreciation recapture.

[glsouter]

Thank you!!!