I inherited mineral rights in 2009. I understand if I sell them I will pay capital gains taxes on them. There was no value placed on these rights when my mother died. Does anyone have suggestions on finding out if there is any value that can be placed on them to lessen the tax due? They have been leased several years but no drilling on them.
Paula, If I understand your question, essentially the value is what someone is willing to pay for them. The hard part is understanding what they are worth when you go to sell them. If you give some information (NMA and where they are located) people on this forum can help you understand (ballpark) their value. Be careful because companies will try and low ball you in order to purchase. Also, if they have been and continue to be leased a company might drill and then they can be worth quite a bit.
Thank you, Kirk and Pat!
I totally agree with Pat Malone. Keep 'em. Do not sell them.
IF ... you are forced to sell them, then keep asking questions on this great website.
Make your luck,
Bob Malone, Malone Petroleum Consulting
Thank you, Robert!
As to value, if the minerals are in Oklahoma or other states where there are documentary stamps attached on a sale of minerals, you could find deeds in the same or nearby sections to determine the value of what minerals sold for in the section in 2009.
Thank you, Tim!