My brothers and I inherited a house and land when our father passed in may 2007. We sold some of the land in December and we each received a1099-s for 1/4 of the amount it was sold for. How do we report this on our taxes and do we have to pay any taxes on it?

You report it on Schedule D as a capital gain or loss.

As to what (if any) taxes has to be paid, I would need to know your overall income picture plus what the house appraised for at your date of your father's death, plus what you GOT for it when you sold it.