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All the costs incurred to get clear title will be included in the cost basis of the land. Did you inherit part of the land from your parents or received it as gift?
You will owe tax on the gain on sale of the land. Gain will be calculated as sale price minus selling expenses minus cost basis of the land minus any improvements made.
This gain will be long term and subject to tax upto a maximum of 15% (if you are in 10-15% tax bracket than part of the capital gain will not be subject to tax as the long term capital gain for taxpayers in 10-15% tax bracket is 0)
Let me know if you have any question.
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.
The maximum tax rate for the gain on long term capital gain is 15%. So yes, the tax liability on sale will be at 15% if you sell it in the current year. You will also owe State tax. the tax rate for the State will depend on your overall income (will be upto a maximum of 5%).
If the balance land you bought it from the family trust at $1 than this would be considered as a gift by the family trust to you and your cost basis of that part of the land will be the same as the cost basis of that land in the family trust.
I would suggest you to engage a tax professional to help you with your taxes for this year.