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 1...
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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
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