I purchased my mother's mineral rights in 2007. I sold them in 2017. Where do I show this on my 2017 taxes? Is it capital gains? If sold for under 100,000 is it taxed?

[Anonymous]

If you sell your mineral rights or oil & gas royalties, the IRS indicates that the sale can be treated one of two ways:

Your sell could be treated as the sale of business property which would be reportable as a section 1231 gain or loss reportable on form 4797.

Depending on how the property is held, the income or loss from the sale may be reportable as a capital gain or loss on Schedule D.

Make sure you discuss the sale with your attorney or CPA to ensure proper reporting on your tax return.