Taxes (unpopular post I'm sure!) - GoHaynesvilleShale.com2024-03-29T15:26:28Zhttps://gohaynesvilleshale.com/forum/topics/2117179:Topic:14341?feed=yes&xn_auth=noRandy simple in nut shell ans…tag:gohaynesvilleshale.com,2011-07-18:2117179:Comment:19959782011-07-18T00:49:22.720Zadubuhttps://gohaynesvilleshale.com/profile/adubu
Randy simple in nut shell answer----Royalties taxed as passive income adds to the adjusted gross income total ; however you receive a 15% depletion allowance. You lease bonus also taxed the same way but no depletion allowance-- passive income. Remember there is no taxes on your minerals year to year until you have royalty production or is leased then income taxes plus with production also property taxes are paid each year you have royalty payments. ( The different in PASSIVE INCOME is NO FICA…
Randy simple in nut shell answer----Royalties taxed as passive income adds to the adjusted gross income total ; however you receive a 15% depletion allowance. You lease bonus also taxed the same way but no depletion allowance-- passive income. Remember there is no taxes on your minerals year to year until you have royalty production or is leased then income taxes plus with production also property taxes are paid each year you have royalty payments. ( The different in PASSIVE INCOME is NO FICA OR MC taxes vs ACTIVE EARN INCOME--- You Salary-- you pay FICA and MC TAXES) You final % taxes is based on your total adjuasted gross income. So one good thing NO FICA TAXES on royalty or bonus money Its not as capital gain, its…tag:gohaynesvilleshale.com,2011-07-17:2117179:Comment:19958262011-07-17T22:25:25.084ZYogi Bearhttps://gohaynesvilleshale.com/profile/YogiBear
Its not as capital gain, its taxed as ordinary income.
Its not as capital gain, its taxed as ordinary income. Oh please be sure any info yo…tag:gohaynesvilleshale.com,2011-07-17:2117179:Comment:19952222011-07-17T09:54:13.380ZKrkyoldhaghttps://gohaynesvilleshale.com/profile/CoraLeeChathamBrantley
Oh please be sure any info you have on this LLC is posted here..I will be able to find it. Might be too late for me to form an LLC but will ask cpa.
Oh please be sure any info you have on this LLC is posted here..I will be able to find it. Might be too late for me to form an LLC but will ask cpa. Can you sell 75% of your mine…tag:gohaynesvilleshale.com,2008-07-24:2117179:Comment:413702008-07-24T21:07:11.354ZJack B2https://gohaynesvilleshale.com/profile/Jack
Can you sell 75% of your minerals and retain 25% and negotiate 100% of the 25% retained under this example if you are inclined to sell your minerals out right? Just showing my ignorance here!
Can you sell 75% of your minerals and retain 25% and negotiate 100% of the 25% retained under this example if you are inclined to sell your minerals out right? Just showing my ignorance here! You can also lessen the tax b…tag:gohaynesvilleshale.com,2008-07-24:2117179:Comment:413582008-07-24T21:00:27.015ZTimhttps://gohaynesvilleshale.com/profile/Tim
You can also lessen the tax burden by giving to your Church or by donating to any non profit organazation
You can also lessen the tax burden by giving to your Church or by donating to any non profit organazation The bonus income will be taxe…tag:gohaynesvilleshale.com,2008-07-24:2117179:Comment:413322008-07-24T20:46:34.329ZBo-Chrishttps://gohaynesvilleshale.com/profile/BoChris
The bonus income will be taxed as ordinary income, not capital gains
The bonus income will be taxed as ordinary income, not capital gains I would recommend contacting…tag:gohaynesvilleshale.com,2008-07-10:2117179:Comment:189852008-07-10T13:46:09.341ZKeith Mauck (Site Publisher)https://gohaynesvilleshale.com/profile/Haynesville_Shale
I would recommend contacting tax attorney and GoHaynesvilleShale sponsor, Gary Conlay...see sponsor section on homepage.
I would recommend contacting tax attorney and GoHaynesvilleShale sponsor, Gary Conlay...see sponsor section on homepage. I was told to put aside 28 to…tag:gohaynesvilleshale.com,2008-07-10:2117179:Comment:189782008-07-10T13:43:11.225ZTracyhttps://gohaynesvilleshale.com/profile/Tracy
I was told to put aside 28 to 30 percent for taxes
I was told to put aside 28 to 30 percent for taxes If my understanding is correc…tag:gohaynesvilleshale.com,2008-07-10:2117179:Comment:188392008-07-10T08:49:27.192ZLadyoakshttps://gohaynesvilleshale.com/profile/Ladyoaks
If my understanding is correct, most LLC's are set up to be "pass-through" entities that means for tax purposes the tax liabilities pass through to the owners. My family has set up a Family LLC and dropped acreage into that. However, the tax liability is still borne by the actual owners of the LLC. There are quite a few reasons to hold property in an LLC, but I am not sure that it is b/c it is MORE tax-efficient than holding as an individual...or at least we are not getting the benefit of that…
If my understanding is correct, most LLC's are set up to be "pass-through" entities that means for tax purposes the tax liabilities pass through to the owners. My family has set up a Family LLC and dropped acreage into that. However, the tax liability is still borne by the actual owners of the LLC. There are quite a few reasons to hold property in an LLC, but I am not sure that it is b/c it is MORE tax-efficient than holding as an individual...or at least we are not getting the benefit of that in our personal case. Hi - Did your CPA mention any…tag:gohaynesvilleshale.com,2008-07-10:2117179:Comment:186592008-07-10T02:14:16.160ZTimber Galhttps://gohaynesvilleshale.com/profile/HGH
Hi - Did your CPA mention anything about forming an <b>Energy</b> LLC, which was mentioned in another post here? I wonder if that gives you more of a tax shelter.
Hi - Did your CPA mention anything about forming an <b>Energy</b> LLC, which was mentioned in another post here? I wonder if that gives you more of a tax shelter.