Any guidance would be appreciated because I am stumped. I inherited mineral rights in Reeves County in 2004 and sold them in 2019. I have not been able to determine my basis in the mineral rights in order to calculate capital gain. Can anyone point me in the right direction to determine basis? Thank you.
Below is a link to a recent discussion that had some great information on your same question. It was posted in the section for Cater County, Oklahoma but the same federal tax rules would apply.
Hello. While you would have had a step up in basis at the time of inheritance (your basis at inheritance = FMV), there was considerable appreciation during the 15 years since that point. I’d recommend you contact a CPA firm. Most larger regional firms and all national firms will have staff with knowledge of this industry or access to them.
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