How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I inherited 40.15 acres of mineral rights from my Mother in

Customer Question

I inherited 40.15 acres of mineral rights from my Mother in 1990. I sold them for 3600 per acre last year. I received 144000.00 for them. Now I am doing my taxes and presume they sale is a long term capital gain, but have no way of establishing the basis for the sale. I am at a loss as what to do.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Both my wife and I are retired and live on social security and a retirement income from her employer company.
JA: Our top Accountant is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Accountant in on everything we've discussed. You can go back and forth with the Accountant until you're 100% satisfied. We guarantee it.
Submitted: 8 months ago.
Category: Tax
Expert:  emc011075 replied 8 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Your basis would be fair market value of the land on the day of inheritance. Maybe the company would be able to tell you how much were the rights worth back in 1990. Is there anything in transfer/inheritance documents that would suggest a value of the rights?

Customer: replied 8 months ago.
I have looked at the probate documents and there is no value listed.
Customer: replied 8 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  emc011075 replied 8 months ago.

Ok. Was there somebody, an industry expert involved in selling process who could help you with historical values? An appraiser specializing in mineral rights will be a good place to start. He should be able to generate a appraisal dated back to 1990. Unlike real estate sales, sales of mineral rights are not public information.