@Smithers45 wrote:
After my parents died, me (S1) and my 6 siblings inherited a piece of land. I bought the piece of land for $60,000 1/7th of the land share (valued at roughly $8,571
I sold the land for $265,000.
Do you mean you paid $51,426 for the land? You already owned 1/7th of it.
If you paid $51,426 for the land and sold it for $265,000, that is a gain of $213,574.
