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    tdurrett's Avatar
    tdurrett Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 20, 2009, 02:54 PM
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    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
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