Sold Inherited Land

Any gains when you sell inherited investments or property are generally taxable. Any price appreciation after the date of death could result in a capital gain. 

In TurboTax you would  report it as investment sale.

1. Since you did not receive a 1099-B, answer “no” to the 1099-B question or select skip Import 
2. Select Other for What type of investment did you sell?
3. Select I inherited for How did you receive this investment? 

The basis of property inherited from a decedent is generally one of the following:

• The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return)).
• The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return. See the Instructions for Form 706.You can deduct the selling expenses from the gross proceed.

 Sales expenses include:

• commissions
• appraisal fees
• broker's fees
• legal fees
• advertising fees