delzahn
Returning Member

Inherited farm land

I inherited farm land in 2015 that was in a life estate since 2005.  At that time my sister had first refusal to purchase the property at $ 200 per acre.  She realized that it was under priced and paid me $ 200 per acre down and $ 200 per acre under a 5 year contract for deed when I sold in 2019.

What would the basis be and where to I enter all this?