re: Land Sale Tax Question

Fair Market Value at death generally sets the basis. That gives you some wiggle room, but the IRS knows it, and there is a new 2015 law that can pop you with an accuracy-related penalty if you fudge too much.

You're going to need to complete Schedule D.

If there's much money at issue, it may be worth it to consult a tax professional.

Here is what the IRS says about sales of inherited property: LINK