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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

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In many families, there's debate over the owners of mineral rights or surface rights. You can use the local authority website to find the general information in the state and county records.
Cons of Selling Your Mineral Rights Loss of Potential Future Income: When you sell your mineral rights, you also give up any potential future income from those rights. This can be a significant loss if the mineral rights end up producing more than expected or if there are new discoveries in the future.
The report found that West Virginia's largest landowner is North Carolina-based Heartwood Forest Land Fund, owning more than a half a million acres across 31 counties.
Are Mineral Rights and Royalties Taxable? Any income you earn from the sale or lease of your land's mineral rights is taxable. Income, severance and ad valorem taxes are some of the taxes you might need to pay. Each type comes from a different entity.
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county.
For a mineral rights sale, the capital gain would be determined based on the proceeds from the sale minus the basis assigned to the mineral rights when you purchased the land or inherited the minerals. If the value was ?0?, then the entire sales proceeds would be taxed as capital gains income.