I only had 3 acres of mineral rights in Canadian County and sold them this year.
Is there ANY way to get an estimate of the “basis” of my rights for reporting the sale in income taxes for 2017?
Have any luck determining your ‘basis’?
Did you inherit the minerals? If so, they should be listed in the Will. It’s been my experience that little or no value has been assigned to minerals due to too much abstract speculation for valuation. I’ve used an average selling price for other minerals as a ‘basis’.
It’s possible that the Canadian County assessor’s office could help in showing what the value was at or before the time of the sale.
If producing, the Oklahoma Tax Commission had a formula, which was typically accepted by the IRS, based on whether the revenue was from gas or from oil.
If not producing, or alternatively, you might be able to find mineral deeds recorded in Canadian County in the same area about the same time, and you might be able to determine the value based on how much the documentary stamps were.