My aunt died 5 months ago and held mineral rights in 7 different areas of Lea County. We need to establish a new basis for capital gains tax purposes in order to minimize taxes for the beneficiaries. We have offers to buy those minerals, but the new basis needs to be set before any sales take place. Does anyone know how to get this done that would satisfy IRS requirements?
I’d speak to your estate attorney. The IRS may have certain rules to abide by when establishing value of such transactions (i.e. valuing them at $80 v. $40 oil is going to make a huge difference).
There are mineral valuation companies who can provide that sort of service. However, be weary of those who pose as valuation companies, but are truly interested in purchasing your mineral rights and thus would not be able to give an unbiased opinion.