How do I account for the sale of a working interest on my tax return?

[sperryr]

I inherited a working interest in a gas well 20 years ago. I have been reporting the income on my tax return. I just sold the working interest. How do I account for the sale on my tax return?

[re2boys · Accepted solution]

https://ttlc.intuit.com/questions/2803955

Report the sale as a long term capital gain/loss.  Basis is the value of the interest on the date of death of the deceased.