getoverit

Female

Shreveport, LA

United States

Profile Information:

How would you describe yourself?
Landowner
Zip Code
71107
Plays that you follow
Haynesville

Comment Wall:

  • Wolverine

    Ok got u!!! Nothing as of right now!!! Check your e-mail!!!
  • Dion Warr, CPL

    Huhhuh...

    Figured such. You showed back up on my list!

    My lips are sealed.

    :-▌
  • Kathy Morgan

    Not a lot you can do to specifically lower your LA taxes since they are a flat percentage based on your LA income. However, that number is based on your federal adjusted gross income (AGI), so if you lower that you LA taxes will go lower. Some ways to lower your AGI include selling losing stocks and taking a capital loss or making a contribution to a deductible IRA. As for the tax prep charges, the fees for each season come down from Block World HQ at the begining of the year, so I can only guesstimate. But a return with a LA state (assuming lease/oil money and itemizing) would run you about $250. The fees are based on what type of things the return includes so the more complicated the more expensive and visa versa.
  • Kathy Morgan

    That's both
  • Kathy Morgan

    My office is in the Bossier Corners center, diectly accross from the mall. If you know where Chuck E Cheese is and put your back to their front door you are looking directly accross the parking lot at my front door. The number is 747-2126.
  • Kathy Morgan

    The only advantage to the date of the payment would be the year they are put on the return. If you can get them to give you two checks, one in Dec 08 and one in Jan 09 that will split the burden to 2 tax years and could help. If only one check is coming then the year with the least other income overall would be best.
  • Wolverine

    Hey Check your E-mail!!!
  • Wolverine

    I wrote u another e-mail chck it out!!!
  • Wolverine

    That's nice!!! Great!!! I just e-mailed u!!! Girl I am hoping they will be putting a rig r rigs up!!! In that clearing!!!
  • getoverit

    I saw the area where you were talking about where they had cleared out the trees and built a dirt road, so far. Unfortunately, it looks as though that is in section 15 which is directly above us. =( My street is at the upper corner of section 22. Looks like the back yards of everyone across the street from me are all along the edge of section 22. Outside their backyards is the beginning of section 15. That sucks. But they HAVE to be coming our way soon. I wonder if they are going to put that rig back up after the storm (the one off McCain that you were talking about).
  • Wolverine

    Yep, I guess u r right!!! I was hoping!!! But like u said, It'll be coming our way!!! I think so!!! I was wondering that myself!! They'll probably put it back after the storm hit!!! Well let me know if u find something out!!! I'll do the same for u!!!
  • Kathy Morgan

    State taxes are part of itemized deductions on your federal return. If you itemize then you get to take off the state taxes in the tax year you actually pay them. If you pay your 2008 state taxes in 2008 (as opposed to 2009 when they are due) then you can take them off in 2008. If you pay them in 2009 you take them off in 2009.
  • getoverit

    Posted by Jim Krow on 9/12-
    "Easements do not do much for property values and much care should be taken to lessen the impact of the easement. Why would a company need a 25' permanent easement? I doubt they need more than a 10' permanent easement. They can get by with a 30' working easement. When you grant the easement, you can't use the land for much after that. If they want two pipelines, charge them for two pipelines and get annual rentals. Make them lay the lines on top of each other in the same ditch. Be sure to include a clause that insures backfill and tamping to bring the soil to it's original density, 100% compaction. If not, the soil settles and your cow or horse can break a leg in the ditch, or get stuck in the soft mud and go down. Make them put the line next to an existing fence or road, so as to not let it have any more impact on your lands than is absolutely necessary. Have in your agreement that they will furnish you a copy of the plat of the pipeline as constructed. This way you or the future owners won't have to guess where it is."
  • getoverit

    Posted by inthestix on 9/12-
    "From my experience lately it is better to have the pipeline company give you a price with timber still standing. Then after you get your money from them you can get it cut and also get that money as well. And that is from personal experience. If you don't get it cut they cut it down burn it and bury what is left!"
  • Dorcheated A1

    Happy Birthday.
  • Dorcheated A1

    Can't celebrate to early.
  • Dorcheated A1

    Well, I don't know if I can give you a gas well.
    Bring your family and come out to the party and we will have a cake for you!! That I can promise.
  • Dorcheated A1

    Well I am. Thanks for asking how about you.
  • Dorcheated A1

    I forgot one day closer to your birthday. The birthday girl is getting older. You still probably still feel like your sixteen.
  • BirdDawg, plain ole' idiot

    Sounds like a survey control point of some description. Probably doesn't mean anything except to the surveyors. But the surveying could possibly be related to oil & gas work. Often times on well locations the stakes marking the center of the access road will have "CL Road Survey" or "CL Proposed Road" on them. CL stands for centerline. Also at the corners of the drill site will sometimes have "NE Corner Pad" or "NW Corner Pad" on them. Referring to the northeast or northwest, etc corner of the drill site. Also, access roads and pipeline centerlines will sometimes have "stations" written on the stakes. Statons are given as something like "1+00 or "10+00" and they refer to the distace from where the survey started. These stations allow construction people to relate where they are on a set of construction plans to where they are on the ground.
  • Kathy Morgan

    Sorry for the delay in answering, been out-of-pocket.
    As for the IRA thing. If your gross income is going to be to high to get ROTH IRA's then you are able to get Traditional IRA's but they will not be deductible on your taxes.
    The only advantage I can see to that is if your income goes back down into the deductible range in another year when no shale bonus money is coming in you can deduct contributions in that year if made.
    If your income allows any of the IRA to be deducted it comes off your taxable income (on the front of the return adjustments section) it is not a dollar for dollar deduction off your actual taxes. So you will pay taxes on the contributions in the year made if your income is to high to deduct.
    As for the Waskom land. This will have no effect on your LA taxes as you remain a resident. When you move to Texas and rent the LA house you will have to file a LA non-resident return and claim any LA income (rents, oil royalties from LA, wages earned in LA etc).
    You will be able to take itemized deductions for any real estate and/or property taxes you pay in Tx on your federal return. Once you start renting the LA home you will have to file that on your federal return (Sch E) as well so keep good track of any and all expenses. You will not be able to file homestead on your LA home once you start renting it out, but you will be able to deduct the property taxes on your Sch E as an expense of the rental.
    Timber is a whole other story. Are you selling the property as well as the timber? If not, how did you get the property (bought, inherit, etc)? What was it's value when you got it? Is this a timber business or is it just land you have and you are have a periodic thinning or clear cut done? If you are just selling the timeber make sure you get a forrester in there to appraise BEFORE the timber people start cutting. You will get a 1099 from the timber people and the thing we have to show is that you had value invested beforehand so that the whole amount is not considered profit. The good news is anything that is profit will be taxed at the lower capital gains rate.
    Clear as mud? Are you totally confused now? Seriously though, if you would like to sit down face to face and get a plan of action together in my office I'm available anytime. Your situation sounds like it definately needs some up front planning. No charge for planning consultations only for actually doing returns. Drop me a line or call my cell 773-3411 if I can help.
    Kathy
  • Dorcheated A1

    Are you and the family coming out Saturday.
  • Dorcheated A1

    First, I hope everything goes smooth with the mother-in-law. I understand you guy's being busy, we will miss ya'll but i'm sure we will do it again. Keep me updated on the log house. Kind of thought about it myself. Happy Birthday and I'll a few for you and your husband.
  • Kathy Morgan

    The only way any of those kinds of fees could be a deduction is if they produce taxable income. Like if the POA fees or attorney fees cause your husband to get money that will be taxable then you can take expenses off against. If the fees don't produce money that is taxable then no fees can be deducted.
  • Kathy Morgan

    Correct on both counts. Since the fees you paid will be directly related to income you will pay taxes on you can deduct the expenses. It goes on the itemized deductions and is subject to a 2% income limitation.
  • Kathy Morgan

    Not a legal expert by any means, but we have both. We each have individual wills that shuttle everything into a joint living trust and it gets distributed from there.
  • Dorcheated A1

    Hey Girl,
    I am too, I've had just about all I can take one more day WWWWWHHHHHAAAAAAOOOO.
    My Halloween was kind of sad I don't have any little treat or treaters left, my have all grown up.
  • Skip Peel - Mineral Consultant

    Getoverit. Are you sure that the existing well in Section 6 is a Haynesville Shale well? I can't find one for the s-t-r on SONRIS. Skip
  • Skip Peel - Mineral Consultant

    getoverit. Have you heard anything regarding the Moneyham well (#238620)? S5 -T18N - 16W. It is a Comstock well permitted 8/29/08.
  • Skip Peel - Mineral Consultant

    Best wishes for a Merry Christmas and a Happy and Prosperous Shale New Year, friend. Seasonal regards, Skip
  • Skip Peel - Mineral Consultant

    Yes. Helped Haynesville organize it. A friend owns The Oyster Bar and it is one of my favorites. I will look forward to meeting you. Happy Holidays!
  • Dorcheated A1

    Well hello,
    I am, but you said the Oyster Bar. I thought it was at Buffalo Wild Wings.
  • Dorcheated A1

    I hate to sound like a dummy. But where is the oyster Bar?
  • Dorcheated A1

    I should have known that it about 2 minutes from work. Great, I look forward to meeeting you andyour husband.
  • Skip Peel - Mineral Consultant

    I enjoyed meeting you and all the those GHS members who were able to attend Haynesville's little holiday gathering. We should do it again, sometime in the new year when all may be invited. And in the most convenient location and time.
  • Dorcheated A1

    I did enjoy it. You have a wonderful looking family and I can't wait to do it again.
    Merry Christamas and a happy New Year to you and i look forward
    too talking with you in 2009.
    Patrick
  • Kathy Morgan

    I should be in box 1, but if they are going to be a pain about it, just document who you talked to and we will do the return correctly and put a letter and the page of the lease with it showing we tried. Shouldn't be a problem, just make sure you bring the lease with you. We have had similiar problems with other companies too, you just have to show the IRS that you made the effort to get it corrected.
  • Joe Dyer

    Getoverit,Joe here. I don't know what is going on in that sec. You are not the first person to bring this up. I am off this week so I will be able to reach my contacts and see what they know, get back whicha', Joe
  • Skip Peel - Mineral Consultant

    Royalty checks will begin to appear in her mailbox approximately 90 days after Petrohawk begins selling gas from her well. Petrohawk will prepare a Division Order which identifies every royalty interest in the drilling & production unit and their fraction of production due. She will receive a letter stating her interest in the unit.

    Now as to the specifics of Petrohawk's Crestview Farms well. There may be a delay in fracing this well. Petrohawk and all the other operators in the area are trying to figure out how to change their completion designs to deal with the fact that the shale is different in this area and the production rates of recent wells have been disappointing. Petrohawk had better results recently with the S L Herold well and may be making progress on their learning curve. If I had a royalty interest in the Crestview Farms well, I would want them to take their time and get it right. Good Luck.
  • BirdDawg, plain ole' idiot

    Happy Birthday!
  • Bobi Carr ("parker")

    Hey. Glad to see you back.
  • Skip Peel - Mineral Consultant

    Your new avatar is creeping me out. LOL! Appropriate for Halloween though.
  • Skip Peel - Mineral Consultant

    You are going to change your avatar after Halloween? Right? LOL! Unless Chesapeake has a working interest partner in this well that announces the result in a 3Q report to stockholders and The Street, you may be waiting a while. There is no well test entry in the SONRIS Well Scout so it is impossible to even guess. And being a landman and not a geologist, I am not the best member to ask. There are no completed wells listed in your township so there is just nothing to go on. Sorry. You'll just have to wait. Trick or Treat! Skip