How does one go about determining a cost basis for mineral rights inherited from father back in 2001. Father owned the section of land and 100 percent of mineral rights with only one or two producing wells (very little) at the time of death. At probate we did not know to request valuation of the mineral rights. Shortly after probate we sold the homestead together with 50 percent of the mineral rights. We kept the other 50 percent of mineral rights with our family. Today, we are contemplating selling a portion of these mineral rights. Without a valuation at inheritance back in 2001, I’m afraid we will have to pay capitol grains tax on the full sale price.
Can anyone offer knowledge of how I can go back to date of inheritance and get an accurate valuation for determining cost basis? If it is best to seek an attorney for this, what type of attorney and anyone have recommendations. Ellis County, Texas.
Any assistance is greatly appreciated!