I Inherited mineral rights in 2009. Currently producing and receiving royalty checks.
If I sell all of them now, what will be my tax rate on selling? Simply capital gains tax of my tax bracket? Or is there more to it than that?
Or do I pay a tax rate on the value at inheritance vs. today's value?
If so, how do I determine the value at inheritance and then today's value? And then what rate would that be taxed? Also if that is taxed do I still pay a capital gains tax on top of this?
Please help & thanks in advance to anyone answering.