IS THE MONEY YOU RECEIVE FOR THE PAD TAXABLE??

THE MONEY YOU RECEIVE FOR THE PAD IS FOR THE DAMAGE TO TO YOUR LAND AND TREES IS IT SUBJECT TO INCOME TAX? MY TAX PERSON IS NOT SURE, ANYONE HAD THIS SAME QUESTION?

Views: 49

Comment

You need to be a member of Go Marcellus & Utica Shale: Leasing, Drilling & Mineral Rights to add comments!

Join Go Marcellus & Utica Shale: Leasing, Drilling & Mineral Rights

Comment by daniel cohen on June 9, 2011 at 11:35am

ACCOUNTANT QUESTIONS:

1)Is the 'bonus money', paid for renting the property mineral rights, able to be used to claim that one's property is now 'rental property"?

2)If that is the case, does it follow that improvements to the property may now be considered for possible deductions on the tax return?

3)Can the landowner claim mineral depletion deductions, or is that only able to be claimed by the Gas/Oil Leasing co.?

Dan Cohen

 

1 2
+ Add a Discussion + Add a Blog
+ Add a Photo + Add a Video

Local Groups




Stay Connected
Like Us

Follow Us

Subscribe

Join our lists

Top Content on GMS 

1 CONSOL Speaks

CONSOL Speaks
2 With Reduced Well Spacing & Stacked Shale Plays & Higher EUR: Royalty Buyers Are Acquiring Landowner's Rights for Dirt Cheap!

With Reduced Well Spacing & Stacked Shale Plays & Higher EUR: Royalty Buyers Are Acquiring Landowner's Rights for Dirt Cheap!
3 CHK putting Beaver County wells inactive

CHK putting Beaver County wells inactive
4 HOW MANY FEET/YARDS/MILES PUT YOU IN A WELL OR OUT OF A UNIT?

HOW MANY FEET/YARDS/MILES PUT YOU IN A WELL OR OUT OF A UNIT?
5 Harrison County Ohio Helicopter activity

Harrison County Ohio Helicopter activity

advertisements