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JLobdell
New Member

I sold oil mineral rights in 2022. I inherited the rights on my mother's passing in Feb 2006. I understand we need to report the income as a capitol gain but since I have owned the rights for over 10 years would they be considered long term capitol gain

 
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1 Reply

I sold oil mineral rights in 2022. I inherited the rights on my mother's passing in Feb 2006. I understand we need to report the income as a capitol gain but since I have owned the rights for over 10 years would they be considered long term capitol gain

One year + one day = long term  AND  any inherited property is always long term

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