Tax Time

I know that gas lease money is taxed at the State and Federal level, but what about locally? Berkheimer and Central Tax; I can't figure out where to put it on their forms.

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Replies to This Discussion

Permalink Reply by buggs on March 30, 2012 at 9:41am

call them - I'm sure they can tell you

Permalink Reply by Cindy Noll on March 30, 2012 at 10:04am

Most local tax is earned income only, so passive gas lease income would not be taxed.  Your area may be different.

Permalink Reply by Sean on June 5, 2012 at 8:15am

Hi there, I know you should contact a tax advisor, but how much is lease money taxed on the federeral and state level? Does that need to be mailed in on a quarterly or just at the end of the year? Thanks for any input, Sean

Permalink Reply by Betty on June 5, 2012 at 8:32am

are you talking about signup bonus?   it's taxed as income both on the federal and state level; and yes Uncle Sam wants his money quarterly -- could be penalty if you wait until end of the year.   Suggest you contact a tax guru. 

Permalink Reply by Lynn Wigglesworth on June 5, 2012 at 10:25am

I signed my contract in Oct 2011, got the money in November, sent in the full estimated tax payment in December, and STILL got a penalty ($26.26).  The penalty is for not submitting estimated payments; I assume they mean throughout the year. I just got the bill yesterday and can't get through to anyone on the phone to talk about it. That's how the state makes money; it's easier to just pay it than spend your life trying to find a state employee to argue with.

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