We just sold (8/2019) inherited mineral rights in Duchesne County, Utah. Any advise as to how to figure out our cost basis? The date of death was 3/2003. Thank you
You are probably going to have to get a land man or oil and gas accountant to help you track down sales of similar minerals nearby to you at that date. Going backwards is kind of tough. Did you get an estate appraisal done at the time of death? There may be a value attached to the minerals at that time.
There was a probate completed however there was no value given to any of the mineral rights. Just a list. My father in law was a land man in Texas and had acquired many throughout the years. This particular one was obtained in 1946… Thank you so much for your response!
Suggest that you post the same request in the Utah, Duschesne County or the general Utah Category and ask if anyone has a good landman in the area to do a look up. https://www.ogm.utah.gov/ Gave you the link to the Utah oil and gas minerals site. You may be able to look up deeds of sale near the lands as of 3/2003.
Often a probate attorney will not go to the expense of having minerals valued unless estate taxes might be an issue. But if you intend to sell it is better to get the valuation sooner than later.
Thank you, I will try both. Cathy
You are right Richard, they did not want to go to the expense as there were several and non producing.