My siblings and I inherited my parent's farm when they died. We sold the property to a brother this past year. An appraisal was done to determine the value at the time of my mother's death (5 years ago). The amount we received was our share of 75% of that amount. We just received a form 1099-S. From what I have read, we would need to file a schedule D. Would there be any capital gain? Any help with this would be appreciated.

If the sale price is more than the value at the time of your mother's death (which is your cost basis), you have long term capital gain. You must report your share of gain on schedule D (Form 1040).

crs50: please clarify something - was the farm an ongoing business concern while you were an owner? And if so, have you been taking any depreciation on the buildings or equipment?