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?
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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?
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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