How do I enter the sale of a property that I received thru a life estate?

[jojor]

My father put his house in my name while maintaining life rights until his death in 2013.  I sold the house last year.  I had not lived in the house for two of the previous five years, so I did receive a 1099 for the sale.  When filling out the tax forms, do I list this as an investment property that I inherited, or should I list it another way due to the life estate?  I have the tax assessment for the value at his death to use for the cost basis.  Do I enter this as the 'amount paid' when filling out the tax forms?

[Mike9241]

list this as an investment property that you  inherited 

use the valuation on the date of his death for its tax basis. 

if you got the valuation from a tax bill - warning - that may not be what the Fair Market Value was on his date of death. FMV is what's to be used.  

[jojor]

Thank you!  The tax assessment is all I have to use for the tax basis since it was over 10 years ago.  The assessment is supposed to be based on FMV, so hopefully that works.  There is no option in TurboTax to list a cost basis - only the amount paid for the property.  Am I ok to put the cost basis in the amount paid box?  I'm using the Deluxe version - maybe I need to upgrade?