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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15328
Experience:  15years with H & R Block. Divisional leader, Instructor
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I inherited mineral rights in new mexico in 2002 got a

Customer Question

I inherited mineral rights in new mexico in 2002 got a little money each year. now I have sold them. no one know the cost basis for our inheritance. what do we do to establish that. I was the executor and messed up I guess.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: i have always used turbo tax and not a cpa. do i need to go to a cpa this year? thanks
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Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


Back when the rights were transferred you should have had a valuation so if you were the executor, yes you messed up.

Your best start is now the county courthouse. Many list the valuation of the mineral rights with the land. You can go back to the last year prior to inheriting.

Expert:  Robin D. replied 1 year ago.

TurboTax cannot help you find the basis. A CPA will most likely not do that research for you either.

Get your value on the date of death so you know what that was when inherited and then you can report the sell yourself.

It goes on 8949 and Schedule D.

Expert:  Robin D. replied 1 year ago.

If you do not find the fair market value when you inherited then you have to use $0 and that means all is gain and taxable.

Please remember to rate my service once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Expert:  Robin D. replied 1 year ago.

You need to stay in this thread

Expert:  Robin D. replied 1 year ago.

Please post below so I know you understand