Sold Mineral rights

I'm unable to determine the FMV of mineral rights inherited in 1962 and sold in 2018. What can I do?

posted

If the Estate Administrator in 1962 did not have a value for the mineral rights you inherited, you may need to consult a local mineral rights expert.

If the sales proceeds were minimal, you could report your cost as $0 and have long-term capital gains to report.

If not, here's more info:

https://ttlc.intuit.com/replies/6681529

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Sold Mineral rights