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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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