I inherited land that recently sold. What will I owe in taxes?
Now, if your family ended up selling the land for $390,000 recently, in our example, the basis in your share of the land was $100,000 and your sales proceeds would have been $130,000 or a $30,000 profit. So, having said all that, you’d only have to pay tax on the $30,000.
Source: WP