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FAQ

The IRS classifies the sale of mineral rights as a capital gain event, which is one of the most favorable tax treatments in the U.S. tax code.As you can see, capital gains tax rates are generally lower than ordinary income tax rates.

Mineral rights don't come into effect until you begin to dig below the surface of the property. But the bottom line is: if you do not have the mineral rights to a parcel of land, then you do not have the legal ability to explore, extract, or sell the naturally occurring deposits below.

Call the county where the minerals are located and ask how to transfer mineral ownership after death. They will probably advise you to submit a copy of the death certificate, probate documents (if any), and a copy of the will (or affidavit of heirship if there is no will).

A mineral owner's rights typically include the right to use the surface of the land to access and mine the minerals owned. This might mean the mineral owner has the right to drill an oil or natural gas well, or excavate a mine on your property.

In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.

Mineral rights are automatically included as a part of the land in a property conveyance, unless and until the ownership gets separated at some point by an owner/seller. An owner can separate the mineral rights from his or her land by:Conveying the land to one person and the mineral rights to another.

Mineral rights can be complex. By law, property falls into two categories real or personal. Real property includes land and whatever is permanently attached to land, found on it either by nature, (water, trees, or minerals) or by man (buildings, fences, bridges, roads).

Appendix A of Statement 141 provides examples of intangible assets. Those examples include mineral rights as an example of an intangible asset that should be recognized apart from goodwill.

After a divorce, mineral rights can be transferred by submitting the divorce decree and conveyances to the county (where the minerals are located) for recording. They usually go to the same agency that records titles and property deeds. The county will return the recorded original documents to the new owner.

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Do I have to pay taxes on mineral rights?

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