Is Capital Gains Tax Owed on This Sale?

[Edward Stephens]

My father and other members of our family owned a farm.  Upon my father's passing in 2007, I inherited his portion of that farm.  After 7 years of being a partial owner of the farm, our family decided to sell the entire acreage. 

My accountant (CPA) suspects I may owe taxes due to the sale of this land, specifically capital gains taxes.  He has advised me to get an appraisal to determine the land's value at the time of inheritance (2007).  He believes I may own a capital gains tax on the difference between the 2007 appraised value of the land and the price I sold it for in 2013.

Does anyone have a definitive answer on whether I'm liable for taxes on this transaction?

[Brandon Hall]

@Edward Stephens who is living in the house? If the answer is "not me" and the property has appreciated since 2007, yes you owe cap gains on the profits from the sale. If the property has been rented out, you will also owe depreciation recapture taxes at a 25% rate.

What is your interest in the property on a percentage basis?

Edit: Sorry - just realized this is in relation to land. You will owe capital gains.