I inherited oil Harriso Co. royalties in 1998. I sold them last year. How do I determine cost basis?
There has been a lot of previous discussion on that subject on the Forum. Use the search feature (looking glass) at the top of this page and put in some key words like cost basis to find those posts.
Review the probate inventory to see if they were listed with a value if an inventory was filed. If affidavit of heirship was used, there would be no inventory filed.
Visit with a CPA regarding determination of tax basis for minerals. If you have revenue records from 1998 that should help. Otherwise you may need an appraisal.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
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