| The important question here is what is your adjusted tax basis on the inherited property that you sold.
The adjusted basis of the property is determined at time the property is passed on to you. There a couple of valuation methods that are employed by the Executor of the Decedent. Once a method is chosen, a basis to the donee is determined, ie this becomes your basis!
Now, on sale of the property the sale proceeds less the adjusted basis as determined above results in any potential gain. A gain generally would be includable on your tax return as a long term gain and would be taxed at applicable long term capital gains tax rate. | 
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