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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- How to report sale of investment land with mineral rights
How to report sale of investment land with mineral rights
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MG2
Level 1
03-23-2022
10:57 AM
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My client sold land with improvements and the mineral rights. There was a producing gas well on the property for which he has received royalties and claimed depletion. The closing statement only listed land legal description with mineral rights - no breakdown as so much money for different parts. What is appropriate way to report this? Property owned in excess of 10 years.
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