Mineral rights

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  • DTS
    Senior Member
    • Jun 2005
    • 1852
    #1

    Mineral rights

    1)How do I show the sale proceeds ($750) from mineral rights? Gentleman had them for approx. 75 yrs.
    2)Is there a 1099 that would be given to the seller (one was not)?
    3)What basis, if any, should I use?

    Thank you, Dennis
    Tags: None
    • Chief
      Senior Member
      • Jun 2005
      • 799
      #2
      Mineral Rights

      Dennis: let us know what you figure out. I would probably go with a 0 basis and include the $750 as income. If you have no additional information, what can you do? Is it worth it?

        Comment

        • OldJack
          Banned
          • Dec 2005
          • 1689
          #3
          I would take a 15% * $750 depletion deduction.

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