My mother inherited several properties throughout southern Oklahoma when her mother passed away in 2004 (probate cleared in 2007). Just this past year (2017) the interest in a Grady county Oklahoma property was sold and now I (her son) am left with doing their taxes!
What is involved (and what will it cost) to get a fair market value of the interest in order to determine the gain on the sale?
I used a certified mineral manager a few years back. Post this in the Grady County Forum
Was there a valuation done for the probate of the inventory? That would be your basis. Since you are asking, there must not have been, so you can use an appraiser or you can use the "fmv" of the taxing authority, which might be much less than the actual fmv. Depends on how much the gain is to decide whether or not an appraisal is needed.