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The sale is reportable on your federal return, but it may not be taxable. Gain (if any) would be computed on the increase in value from the time you inherited the property until it's sale.
Enter under the investment section. To navigate to the section:
On the page, Choose the type of investment you sold, select the radio button for land and continue to enter the property information and your proportionate share of the sale proceeds.
On the page, Tell Us How You Acquired This home, enter Inheritance and continue to enter the date of inheritance. Enter the FMV of the property on the date your inherited it (date of death usually). Gain/loss is computed and moved to appropriate form.for your proportionate share.
Note: If you received a 1099-S for the sale of the land, make certain the proceeds are recorded for your share only. If not, contact the payer for a corrected form.
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