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Are mineral rights considered "real" or "tangible" personal property?
I do not own the land, just the mineral rights. I am asking b/c I have sold the rights and need to know if that qualifies for the Oklahoma capital gain "Exclusion from income". I have had the rights for 20 years.
Thank you!
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June 4, 2019
8:36 PM
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Deductions & credits
That is really more of a legal question than a tax question. However, since mineral rights are a severed portion of the land rights themselves (they're separated from the land's "surface rights" and sold separately by deed, just like the land itself), they are usually considered real property.
June 4, 2019
8:36 PM