Do I enter this as a sale of business property farmland?

[barbell48]

In 2003 I inherited 4/60  share 12 acres out of 180 acres of property (farmland rented as pasture with oil lease). In 2018, property was sold. I received a 1099S.  

[Ashby · Accepted solution]

Yes, you would. Your basis would be full market value of your share when it was inherited. You will only pay capital gains on the difference between your basis and your 1099-S.