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February 8, 2025
Question

Where do I record selling of mineral rights?

  • February 8, 2025
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    February 9, 2025

    When you sell mineral rights outright, it is typically treated as a capital asset sale, similar to selling real estate. The proceeds from the sale are usually considered capital gains 

     

    You can enter the sale as an investment using these steps:

    1. Log into in TurboTax for link below to work
    2. In the "Investment Income" section, click on Review Your Sales.
    3. If you have already entered some investment sales, click on the "Add  another Sales" link. If not, click "Yes" when asked if you sold any investments.
    4. Be sure to answer all questions and follow steps until you are returned to the income section

    For more information, you can check out this article here.