Question I am the third generation heir to mineral rights in Weld County Colorado. I recently sold one parcel of producing property and will need a cost basis for the tax man. These rights were originally purchased over 90 years ago by my grandfather. Where/who/how can I get an accurate cost basis effective on the date (2006) that I inherited these rights?
Answer You'll have to talk to a tax expert about the basis of inherited property. Assuming that it is the fair market value on the date of the death of the decedent from whom you inherited, then perhaps a valuation expert could give such an opinion. None of that is really my area, though. Good luck.