This should be simple then. First, you need the cost basis of the property, which would be what you paid for it, at the time you acquired it. In your case, it was inherited. So you need to know the Fair Market Value (FMV) of the property on the day your grandmother passed. That's your cost-basis. The transfer of the property from your mom to you does not affect this (right [mention://32332929
@TaxGuyBill] ?) You'll report the sale under the Personal Income tab. Scroll down to Investment Income and elect to start/update Stocks, Bonds, Mutual Funds, Other.
Did you sell any investments in 2016? Select YES.
Did you get a 1099-B? Select NO.
Type of Investment. Select LAND and continue.
I think you can take it from here. For "Net Proceeds" if you need that clarified, click the "Learn More" link next to that box.
