Property inherited normally has no tax implications unless it increased in value from the date of death to the date you received it.
If your share was one-third the Fair Market Value of the property on the day of death, you would have nothing to report on your Federal return.
If the value did increase, enter your portion only (1/3 the FMV on date of passing and 1/3 the final sale proceeds) .
If your state taxes inheritances, report the proceeds you received.
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