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.

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.

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.

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.

Are you and the family coming out Saturday.

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

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.

I forgot one day closer to your birthday. The birthday girl is getting older. You still probably still feel like your sixteen.

Well I am. Thanks for asking how about you.

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.

Can't celebrate to early.

Happy Birthday.

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!"

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."

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.

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!!!

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).

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!!!

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