PDA

View Full Version : Selling mineral rights


tdurrett
Jan 20, 2009, 02:54 PM
I sold the mineral rights of my portion-confused inheritance of my deceased parents land. The will has not been probated since one of the brothers still lives on the property...
What taxes will I owe?

MukatA
Jan 20, 2009, 11:34 PM
Your cost basis of the inherited property is the fair market value at the date of death. If you sold it for price more than that you have a gain.
Read: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)