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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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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.
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Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year 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 1 year ago.
I have looked at the probate documents and there is no value listed.
Customer: replied 1 year ago.
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Expert:  emc011075 replied 1 year 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.