I will first state that i know very little about how mineral rights sales work but I’m trying to figure out what is best for my family.
My wife and I inherited mineral rights in the Omega area of Kingfisher county and we live in the community so we know what the oil traffic is like. Over the years we have received many offers of purchase these right but we, along with the rest of the heirs, have been determined to keep them in the family. Due to medical complications, we are now a limited one income family with a young child and a large amount of debt. After a year or so of limited offers coming our way, we have started to be inundated with new, larger offers in the past week. While we only own a small 13 acre plot, we are now receiving offers in excess of $18K per acre and a verbal willingness to increase said offers should selling be a viable option at this point?
While I’ve tried to look into it, taxes seem nearly impossible to figure out for me. How do taxes equate on a mineral rights sell of say $240K?
Any help or advice would be appreciated as we need to decide what is best for our family. Thank you!