Thank you for your question.
This would be considered a capital gains situation.
The property you inherited would have had, as a cost basis to you, the FMV or Appraised value as of the date of death. That value should be reflected in the estate tax return.
When you sell the property you have to determine the capital gain. You would pay taxes on the gain, if any.
If the 80,000 was close to the FMV, then little or no gain will be realized and there would be no tax.
The capital gains formula for you will be:
Capital Gains (inherited property) = 80,000 - (FMV as of date of death, + improvements and additions if any, + major repairs if any) - cost of selling.
Major repairs are repairs you might have made befor selling it that were meant to last one year or more, such as roof, floor, etc.
If there was a gain, AND you were in a tax bracket determined by your adjusted gross income of 15 percent or more, then the capital gains tax is 15 percent.
If there is a gain and you are in a tax bracket of 15 percent or less, then there would be no capital gains tax, because your capital gains tax rate in those lower brackets is zero.