Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

How do I figure capital gains on oil mineral rights I

Customer Question
How do I figure...
How do I figure capital gains on oil mineral rights I inherited in 2006 and sold in 2014?.
I do not know what they were worth in 2006
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
1/20/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
Verified

To report the sale transaction and calculate the taxable gain - we need to know two items - selling price AND basis.

Your gain or loss is calculated as (selling price) MINUS (basis)

The basis of inherited property is the fair market value of that property at the time the decedent passed away.

If the decedent passed away in 2006 - we need to determine the fair market value at that time.

That is usually done by historical appraisal.

You may perform appraisal on your own - OR if you have difficulties - you may order any appraisal service.

The appraised value is usually based on comparable sales of similar properties in your area.

Unfortunately - there is no other ways.

It is in your interest to determine the correct basis as that will reduce your taxable gain.

Ask Your Own Tax Question
Customer reply replied 2 years ago
Thank you for your help but I already knew that.
Tax Professional: Lev, Tax Advisor replied 2 years ago

Please let me know if you need any clarification or have additional questions.

What were your expectations?

Ask Your Own Tax Question
Customer reply replied 2 years ago
I was hoping you could tell me where to find the value for 2006.
Tax Professional: Lev, Tax Advisor replied 2 years ago

Try your tax record - that might have a fair market value.

You may contact the county where the property is located.

The county usually perform appraisal to determine the fair market value for property tax purposes.

But anyway - if the property is not sold - the fair market value is determined by performing appraisal.

There is no other ways.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

There is one other possible place. In Oklahoma the estate would have needed to complete Schedule A and declare the value of all real estate when the deceased passed. The Form 454 would have had this attached.

You can contact the person that handled the filing for the estate and request a copy of the Schedule A-2 listing the valuation then.

To obtain a release of an estate from the State of Oklahoma it is necessary to complete Form 454. So check with the personal representative or attorney that handled that.

I sincerely ***** ***** assists.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please advise if you need more information

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,871
17,871 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,871 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Husband and sister inherited property in Canada. Their
Husband and sister inherited property in Canada. Their residency is in the states. Their cabin in Canada is just a summer place so they only go up during the summertime. This summer they are fixing up… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Capital gain calculation on a house that was my primary
Capital gain calculation on a house that was my primary residence then rental for 15 years. I bought a house in Feb 2000 in GA. I lived in it for 3.5 years until Oct 2003 then rented it for 15y until … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,871 satisfied customers
I have a question regarding sale of property...capital gain
I have a question regarding sale of property...capital gain issue. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Will I owe capital gains taxes on the sale of my home
Will I owe capital gains taxes on the sale of my home (either federal or state taxes)? Details: * I have lived in CA for the past 8 years (renting) * The home I am selling is in FL * I purchased the h… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
What is my capital gains tax liability on commercial
what is my capital gains tax liability on commercial property inherited in 1991. assessed value at the time of inheritance was $171,000. Selling price would be $850,000; $200,000 at time of sale - bal… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Regarding capital gains tax. when selling a spare lot can I
Regarding capital gains tax. when selling a spare lot can I add personnel property taxes for a 50 yr period to my cost of the property … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
I currently have a payment plan for capital gains on sale of
I currently have a payment plan for capital gains on sale of prior home. Understand we are obligated to pay all subsequent taxes as long as the installment plan is in place. If I file an extension tod… read more
Lev
Lev
Tax Advisor
32,860 satisfied customers
If I sale property that I inherited over 23 years ago what
If I sale property that I inherited over 23 years ago what taxes will I have to pay after the sale of that property. It is located in Washington State … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I received a schedule K-11 form 1041 showing interest
I received a schedule K-11 form 1041 showing interest income, dividend income and qualified dividend numbers. Do I enter these numbers into my 1040? This is from a trust left by my father. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I sold an inherited property where does turbo tax file the
I sold an inherited property where does turbo tax file the information . do not see it … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I used a calculator to figure capital gains tax on the sale
I used a calculator to figure capital gains tax on the sale of my rental property in CA... do the figures look reliable? I am a hawaii resident. Will there be other taxes due besides capital gains? Th… read more
Carter McBride
Carter McBride
LLM
1,078 satisfied customers
Iowa Income Tax. Is 100% of capital gains on the sale of a
Iowa Income Tax. Is 100% of capital gains on the sale of a rental property deductible if the requirement is met for hours spent for management of the property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
I have a capital gains taxation question, federal and state
I have a capital gains taxation question, federal and state of california … read more
Lev
Lev
Tax Advisor
32,860 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Do You Need to Pay Capital Gains Tax on Inherited commercial
Do You Need to Pay Capital Gains Tax on Inherited commercial Arizona Property If Sold? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
What do I have to do to pay capital gains on the sale of an
What do I have to do to pay capital gains on the sale of an estate property when there is no other income?My mother passed away in April 2016. House was vacant until I fixed it and sold it in January … read more
Lev
Lev
Tax Advisor
32,860 satisfied customers
On form 1041, capital gains have to be taxed at the estate
On form 1041, capital gains have to be taxed at the estate level, correct? No distribution deduction may be taken?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What are the turm capital gains tax on properties that are
what are the long turm capital gains tax on properties that are in germany? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,871 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x