First time posting, I have an offer for 220k on 188.25 acres i inherited 2 yrs ago for a interest lease. Im told I need to have the fair market value at the time of moms death and present and qualify for “Stepped Up Basis” on capital gains when and if i sell. How do i get the market value
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Mike: I’m not giving legal advice, but the offer that you mention, if for selling your interests, seems quite low. To determine the fair market value at the time of your mother’s death, you need to answer some questions. Were the minerals producing, were they leased? There are several factors that go into determining the value of the minerals. If you want to provide more information about the legal description, ie, State, County, Township/Range, Survey #, etc, some of the others on the forum may be able to give you more information to assist you with your questions.
You need to ask your CPA/attorney what level of appraisal you need. Some are ok with a valuation by a CPL, some require a formal reservoir engineer’s report. There is also mid-range options like from Pecan Tree. There are a couple of providers in the MRF directory.
Thankyou, Actually just found out about the property, its BLM.
Thankyou, I found a lawyer that knows BLM and his partener is a licensed lawyer in NM, just haventmpulled the trigger.
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