How do I report my proceeds from as life estate sale where my Mom is still alive? I know it's capital gains income, but where do I enter it in Turbo Tax?

[ColeenD3]

Who is reporting this income?

What Is a Life Estate?

A life estate refers to property owned by an individual during their lifetime and prevents beneficiaries from selling the property before death.

A life estate allows you to use the stepped-up basis if the previous owner dies. If your mother was still alive at the time of sale, then this was a gift. The basis of a gift is the adjusted basis of the donor at the time of the gift. 

In addition, there is no loss allowed on the sale of a personal use home.

[AmeliesUncle]

As Coleen indicated, BOTH you and your mom may need to be reporting the sale, according to the specific allocation percentages from the Life Estate.  If you are not familiar with that, you may want to go to a tax professional this year.