I recently sold all my mineral rights in Ward County, Texas. The sale is finalized. I have received the funds. Am I required to pay any unpaid Property tax even though I no longer own anything? Thanks.
What does your sales contract say about that?
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You should notify the county CAD that the property was sold and send copy of deed or give deed recording information so that it is transferred in tax records. Send the tax statement to the buyer.
Keep in mind that there may be capital gains taxes to consider. Consult your CPA before you spend!
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Benjamin Franklin once said “in this world nothing can be said to be certain, except death and taxes”. So you need to check your capital gain taxes. If you bought those mineral rights, the cost would be the price you paid for them. If you inherited those mineral rights, then a retrospective appraisal of your mineral rights at the time you inherited them would help you to legally reduce your capital gain taxes.
And mineral rights are a form of real property. A 1031 exchange could potentially provide tax shelter if deemed appropriate.
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