@azelea24 , first are you US citizen/resident? Is your dad a US citizen/Resident? Second where is the property situated ? Third what type of property ( residential, undeveloped land, agri land or what ) ? Is the buyer related to you or your father ?
Generally, the disposition of the land would be reported on your father's return as a capital asset disposition and is taxable. The proceeds that you and your siblings receive ( post tax ) will be treated as gift from your father -- if the amount per donee is more than the free amount for the tax year then your father will have to file the form 706 to report the gifts -- it is not a tax event but counts towards his unified gift / estate free tax amount.
If your father is not a citizen/resident of USA i.e. a non-resident alien, then gifts of more than $100,000 from a foreign person/trust must be reported by the recipient on form 3520.
TurboTax will help you fill out the necessary forms
