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Permalink Reply by insomniacnla on July 20, 2008 at 5:37

I do not know the statute but I have spoken with 2 C.P.A.s both of which have told me that I will need to plan on paying 33% to 40% in state and federal taxes. I was also informed that once I receive the bonus check, I will need to make an estimated tax payment in the same quarter in which I receive the check in order to avoid any tax penalties. Apparently the lease bonus money falls into the category "rental income" and not capital gains.

Permalink Reply by Nancy Taylor Ds2 on July 20, 2008 at 13:30

Do we have to pay taxes in Louisiana if you live in Texas?

Permalink Reply by Zydeco on October 18, 2008 at 19:24

YES..... if it is large enough your bonus.... sadly true...