Selling mineral rights

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Ayla
Ayla Member Newcomer
edited January 15 in Filing my taxes

My husband inherited mineral rights in Texas when his mother passed away 10 years ago. We are interested in selling them and have a buyer. What do we need to report and how?

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  • MatthewD
    MatthewD FreeTaxUSA Team
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    Hi Ayla,

    Great question. Yes, you will report the sale on the Stocks or Investments Sold section of the software when you file your taxes. Since you inherited the mineral rights, your basis (or cost) is the fair market value (FMV) at the time you inherited them. Since it may be hard to find a fair market value on an asset like that, often your inherited basis is the same as what you sell it for and there is no gain or loss.