After my parents died, me (S1) and my 6 siblings inherited a piece of land. I bought the piece of land for $60,000 in 2014, however, I did not have $60,000 at the time. Two of my siblings, S2 and S3, graciously allowed me to not pay them their 1/7th of the land share (valued at roughly $8,571 based on the $60,000 purchase price), which meant I only had to pay about $34,286 at the time ($60,000 - ($8,571x3), their two shares and my own 1/7th). In 2024, 10 years after I bought the land, I sold the land for $265,000. With the proceeds of the sale, I paid back S2 and S3 their original share, roughly $8,571 each.
When filing my taxes for 2024, assuming for easy math that there were no expenses that I paid on the sale of the land in 2024, other than the $8,571 I repaid to S2 and S3, what is the capital gain that I need to report for 2024?
