My mother and I each inherited jointly on farmland on my fathers death 3 years ago. We recently sold the land each getting 1/2 of the money. Each received our own 1099-s. In those 3 years. No, improvements were done in those 3 years. From what I am reading, I would only be taxed on the increase in value from the time of inheritance so would this constitute a $0 capital gain?
Thanks in advance
