Hi:
As to state implications, I don't know about CA or IL.
For federal purposes, if the price you sold your share of the farmland for was = the FMV of the land on the date of your mother's death, there there would no gain or loss. If the price you sold your share for was not the same as the FMV on the date of your mother's death, there could be tax implications. It really depends on how you arrived at the price of the sale. That may or may not have been = FMV that a 3rd party would have been willing to pay/receive.
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
