You just found out you inherited mineral rights in Texas. Maybe a relative passed away and the estate attorney mentioned mineral interests in the probate inventory. Maybe royalty checks stopped arriving and an operator told you the account is suspended pending new ownership documentation. Or maybe a landman called out of the blue offering to [...]
Heirship & Estates
If you’ve inherited mineral rights in Texas, the step-up basis is one of the most important tax advantages you need to understand. Under Internal Revenue Code Section 1014, the cost basis of inherited property is automatically adjusted to its fair market value at the time of the owner’s death. That means you don’t owe capital [...]