27-10N-5W I inherited these 33 acres in 1993 from my mother. I need to get a mineral value at the time for tax purposes. Can anyone help me?. Alex
Alex , someone will know for sure.
I have never heard of a mineral tax as long as Nothing is being produced or taken out Natural Gas or Oil. Until that happens what is there to Tax ?
If you probated your mother's estate, the value should have been stated on the estate inventory. Check with the lawyer you worked with.
Depending upon the state, the minerals may or may not have taxable value. In Oklahoma they do have value even if non-producing. They should have a value on the probate documents. If not, then there are some rules of thumb to follow. If you do not document anything, the IRS will assume a value of zero and will tax all capital gains if you sell.