I inherited 50 year old mineral rights in Ohio a few years ago. I live in Colorado. Apparently, Ohio passed a law that said mineral rights that had not been developed over a certain amount of time would be considered abandoned and given to the surface land owner. Since I did not live in Ohio there is no way I could know about this law. In addition, no one in Ohio attempted to contact me so that I could respond. Consequently, I have recently learned that I have lost these mineral rights without being afforded due process. My question is can I deduct the value of the loss of these mineral rights on my federal taxes?
