I am sorry about your dad.
Generally, inherited property (including cash, stocks, and real estate) is not taxable or reportable on a personal 1040 federal return. However, if you inherit property that produces income such as interest, dividends, or rents, that income is taxable and reportable on your return.
If you are operating the farm, that is a different story.
If you have other questions about this, ask in the comment section below.
