Hi Amy!
Well, I was able to follow your directions and find what boxes to fill! 😁
In reference to the BASIS - I am presuming that since the Mineral Rights were sold as soon as we were notified of the inheritance, that the company that bought them from us sold them at FMV at that time. That being what I believe to be the case, I entered the same amount for the basis as the amount for the sale.
My questions are:
1. If we sold the rights to a West Virginia company, and there isn't any gain (bought and sold at FMV) do I need to file a West Virginia State Tax form, OR since I live in Texas (Since 2010) I do not need to file anything with West Virginia?
2. If my Basis is incorrect and there was a gain (however minimal) would I need to file a WV State Tax form?
Thank you so much for your assistance!
Roger & Rosemary
