I am selling mineral rights I inherited from my father in Tyler county, WV. Is it possible to determine the value of those rights on or close to his date of death? Thanks.
It is possible but it takes some work. The IRS is very particular about the answer. You probably need a forensic historical lookback. The Directories tab at the top has a few professional engineers that do that type of analysis. Ms. Lenz specializes in the mid-continent and Ms. Vass specializes in the Eastern part of the country and is very familiar with the WV issues.
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I used Ms. Lenz’s services for appraising several mineral properties in my mother’s estate. She did excellent work and her services were reasonably priced. My mother’s estate is well under the federal exemption, but I plan to file anyway, so that the cost basis for the minerals (and other assets) is well established if we decide to sell. If your father’s estate filed taxes, then there should be an appraised value reported. I’m in the middle of this process and still finding my way through. Best of luck.
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