How to determine value of inherited mineral rights in 2007?


#1

Inherited mineral rights to Madera 26-76 in Loving county in 2007. Now I’m trying to pull off a last minute tax filing with no idea how to determine the value. Sold my part of mineral rights in 2017.

Need to have some idea / formula by Oct 15th!!! Would greatly appreciate any input anyone has.

Thank You,

Linda Hane


#2

If you have a copy of the estate tax return, then the value would be stated. In 2007, the minerals had a very small value relative to 2017. Most of your sales price will be long term capital gains.


#3

Thank You for your reply. The estate attorney for my parents never did give my sister and I the estate tax returns back after my mom’s passing in 2006. I knew the minerals back in 2007 were not worth that much. What is a ball park amount that Madera 26-76 Loving county might have been worth then? I just need an approximate value.

Linda