Inherited mineral rights

my extended family (about 20) inherited mineral rights purchased in 1910, inherited my part in 1988 and sold them in 2014. how do I calculate capital gains?

Your basis would be the value at the time of your ownership in 1988. Ask an accountant (because I an not an accountant) about Section 1031 exchanges.


Buddy Cotten

Since my question applys to ever county in the US I see no reason to identify county as reeves county Texas. Does anybody know of a person who can determine basis for calculating capital gains? Bill Stancliff

Amazing that I have posted this information again.

I have been using Jim Boney for about 30 years. His phone # is: 713-772-0664.

He is an accounting genius in Houston, Texas.

If an inventory was done on the 1988 estate, the value assigned in that inventory would be the basis.

Buddy Cotten