BONUS MONEY!

FINALLY GOT OUR BONUS MONEY KIND OF SAD THOUGH ON HOW MUCH TAXES YOU HAVE TO PAY THE GOVERMENT WHEN ITS OUR LAND. WE PAY THE PROPERTY TAXES AND WE PAID FOR OUR LAND. IM STILL GRATEFUL FOR THE MONEY JUST CANT UNDERSTAND HOW THE GOVERMENT HAS TO STICK THERE NOSE IN EVERYTHING.WE SIGNED BACK IN DEC 2011.

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Permalink Reply by Kathleen on May 22, 2012 at 7:18am
In columbiana we have a total of 19 acres, all but one acre for the main house is woodland cauv now. About 9 years ago we cleared an acre and a half and built another house on the cauv land. They never took that land out of cauv and we have had two assessments since the home was built. It was never surveyed or divided off in any way but it has it's own address. I do think they will pay more attention to drill pads and remove whatever land it is on out of the cauv.
I hope anyone that has cauv and enough land for a pad has that wording in their lease that the oil co. has to pay back the new tax base for the pad site.
Permalink Reply by john p halloran on May 22, 2012 at 7:39am
I'm not a farmer and was wondering what cauv stands for?
Permalink Reply by Steven Kacerski on May 22, 2012 at 7:47am
Permalink Reply by Tanya Gabriele on May 23, 2012 at 5:25am

Hi John.  CAUV stands for Current Agricultural Use Value.

Permalink Reply by john p halloran on May 23, 2012 at 7:18am
Thanks to you all for your help,seems pretty simple now!!! I was thinking of a tree farm on my land ,but I have look into the rules and regulations.
Permalink Reply by Tanya Gabriele on May 23, 2012 at 5:38am

We recently experienced a crazy mishap with a land agent who offered us a contract that offered a bonus of $32,500/ acre.  He said, "We all know that I meant $3,250 an acre--so don't worry, my company will change it."  The land agent also came with a nary agent who was equipped with antiquated tools.  We have a digital scanner-copier at the house and offered to copy the document with initialed amendments.  The land agent refused to let us copy the doucment.  The lease was torn up.  Is this happening everywhere?  Are land agents making lease arrangements with land owners without giving you a copy of the original document?

Permalink Reply by Finnbear on May 24, 2012 at 7:05am

Are land agents making lease arrangements with land owners without giving you a copy of the original document?

Only for Landowners gullible enough to let it happen.

Permalink Reply by Billy Park Whyde on May 21, 2012 at 5:45am

I get a lick out of the word "depreciation" I looked at Massey Ferguson 255s in 1975 going price about $7,000 today price about $7000. A 8N Ford new 1953 about $1500 today with pretty paont about $3500!

Permalink Reply by owner on May 8, 2012 at 11:24pm

But if the property is earning bonus money, royalty money or especailly delayed rental money, wouldn't you be able to deduct expenses for the land? 

Permalink Reply by thelma cathleen hays on May 8, 2012 at 11:42pm

you all a need to see tax person as soon as possible in wv u have to pay state taxes the quater that you recieved the. we got your bonus money feb.2011. We didnt have to pay feds until the april 15th. I would see a tax expert and get these straight out but your tax money away. Seen alot of people spend spend and then go i didnt know we have to pay state early.  Be safe with ur money

Permalink Reply by CATHIE on May 8, 2012 at 11:51pm

thelma thank you for your information!

Permalink Reply by CATHIE on May 9, 2012 at 1:30pm

JUST SOME ADVICE FOR PEOPLE WHO IS GETTING LEASE MONEY MAKE SURE YOU PUT PLENTY BACK FOR TAXES ,I SEEN MY tax accountant  TONIGHT AND WAS SHOCKED ON THE AMOUNT OF TAXES I HAD TO PAY ON BONUS MONEY LET JUST SAY YOU ALL BETTER PAY TAXES BEFORE YOU BUY ANYTHING ! JUST MY OPINION 

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