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My wife owns a small inrerest. We are selling her oil and
we are selling her oil and mineral rights to a firm in Midland Texas. She inherited it along with land in 1985. We sold the land several years ago but kept the oil and mineral rights . we now have been offered a large amount of money for the mineral rights and are in the process of selling them. We have no idea of what they were worth in 1985 , and are now selling them for 18000.00 How do we handle this on our tax return?… read more
Lane
Lane
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I have a question about determining value of mineral
I have a question about determining value of mineral property at time of inheritance. First my brother inherited mineral property from our grandfather in 1987. He sold this mineral property in 2017. H… read more
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I am trying to determine the tax basis for inherited mineral
I am trying to determine the tax basis for inherited mineral rights. It was impossible to value them at the date of my relatives death because no one was buying them. Now, 9 years later they are in de… read more
Robin D.
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I sold some mineral rights for $60,000 what amount will be
I sold some mineral rights for $60,000 what amount will be taxable under the capital gains? … read more
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I inherited mineral rights in 2014 and am now considering
I inherited mineral rights in 2014 and am now considering selling thses rights. I think I am only taxed on the appreciation of the rights since it was an inheritance. How do I value the rights from 20… read more
Lane
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Ive already asked the question..Im confused, The question is
The question is about how to report the sale of mineral rights. … read more
Mark Taylor
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Taxpayer has received royalty income /mineral rights
Taxpayer has received royalty income for oil/mineral rights for over 30 years. Sold his interest in 2014. Originally inherited 15 acres in 1965, sold the property in 1982, but retained the mineral rig… read more
Robin D.
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if I retained my mineral rights when I sold my home in 2010,
if I retained my mineral rights when I sold my home in 2010, and then sold the mineral rights to another party, how do I come up with a "Cost of Property for the Sale of Business or rental Property?… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Just trying to figure out how to report the SALE (not lease,
Just trying to figure out how to report the SALE (not lease, SALE) of mineral rights on a piece of real property I did not own.… read more
Lev
Lev
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if my brother placed property in our name with a power of attorney
if my brother placed property in our name with a power of attorney prior to my dad's death, would the money from the sale of that property after my father's death be inheritance tax or capital gains?… read more
Stephen G.
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How will incOme from sale of inherited Mineral rights be taxed?
How will incOme from sale of inherited Mineral rights be taxed? Should I have a Form 1099 for this transaction?… read more
Robin D.
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I want to know if timber and mineral rights can be shown on
I want to know if timber and mineral rights can be shown on form 706 so that a beneficiary can get a stepped up basis.… read more
Lev
Lev
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I sold the mineral rights in properties that I inherited from
I sold the mineral rights in properties that I inherited from my mother. My tax preparer told me that I have to figure out the cost value of the rights at the time of my mother's death. I sold the rig… read more
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Hi, my husband inhereted 2,000 acres of land when he was 14
Hi, my husband inhereted 2,000 acres of land when he was 14 yrs old, it went into a partnership with his siblings. It has mineral rights which we do get each month from oil. The partnership is selling… read more
Merlo
Merlo
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In Texas, if I inherit 100% of the mineral rights to a property
In Texas, if I inherit 100% of the mineral rights to a property but only 50% of the surface rights and 50% of the property of the estate, do I own 100% of the existing oil pumped but not yet sold at t… read more
Lev
Lev
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Hi, my name is XXXXX XXXXX I live in Texas. My question is I
Hi, my name is XXXXX XXXXX I live in Texas. My question is: I own some mineral royalties that I inherited from my parents. I have owned them for about 12 yrs. Only until the last 4 years have I receiv… read more
Merlo
Merlo
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I am a self-employed and file a 1040 for taxes. Presently I
I am a self-employed and file a 1040 for taxes. Presently I am doing 07 and 08 taxes In July of 2007 an unknown mineral rights deed was found by a company in Oklahoma - they wanted to lease the portio… read more
Lou
Lou
High School or GED
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Should a sale of mineral rights be reported on Schedule D
Mineral rights for 95 acres with a basis of $57000 were sold for $76000 in 2006. What is the proper way to report the profit of $19000?… read more
Lev
Lev
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