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-   -   Selling mineral rights (https://www.askmehelpdesk.com/showthread.php?t=306350)

  • Jan 20, 2009, 02:54 PM
    tdurrett
    Selling mineral rights
    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?
  • Jan 20, 2009, 11:34 PM
    MukatA

    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

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