I am the trustee for a mineral interest in Caddo County. It has been in the family for at least 80 -100 years. If I decide to sell it, how do I determine the tax basis?
For most revocable trusts, the basis will be the value as of the date of the death of the settlor. As always, forums like this are good places to learn how to ask the right questions from a professional.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Welcome to the forum. Before you consider selling, ask questions on the forum as to pending activity in your area. Buyers frequently make offers right before drilling. Based on the offers on my acreage, they have tended to be low as they intend to make a profit on the purchase.