We sold oil rights & know we need to pay the tax on the capital gain but when my wife got them they were inactive We don't know their prior worth if any. What to do?

[Joeandjean]

The company that bought the rights won't be sending any kind of tax form, they say. Where, in Turbo Tax, will I find the right way to do this, come tax time?

[SweetieJean · Accepted solution]

For a mineral rights sale, the calculated capital gain will be based on the basis assigned to the mineral rights when you purchased the land, which may be “0”.  If the basis is “0”, the entire amount of the proceeds would be taxed as capital gain income.

[Joeandjean]

We don't own the land, just the mineral rights; and, they were inherited, not bought.

[SweetieJean]

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