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04/19/2013 at 09:23AM PDT
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taxlady340
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03/19/12 1:50pm PDT
Viewed by asker 03/21/12 7:57am PDT

Mineral rights on inherited land.

US QuickBooks Premier : 2008: Accountant

I have a client that sold mineral rights from inherited land. Will her basis be the value of the mineral rights at the time of inheritance?

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03/19/12 2:51pm PDT

That kind of depends.  Did she inherit the rights recently or 30 years ago?

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03/19/12 3:04pm PDT

It was about 5 years ago.  I think she actually inherited the land the mineral rights are on.  The rights themselves were worth more 5 years ago than now.  It's been tied up in court.

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The solution

Sorry, I read your original post incorrectly.  Yeah, they would be valued based on the value when they were inherited.

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taxlady340
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03/19/12 5:30pm PDT
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Thank you.

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