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Permalink Reply by 0ym9x5ag7ury2 on July 27, 2015 at 7:14am

Chris,

     Since you aren't working, there is a formula that you follow to determine taxes on SSI, which requires you to pay taxes on up to 85% of your SS if you make around $30,000 or more in other retirement programs without working.

The 15% that's not taxed looks like the amount you could owe on the other 85%, isn't that convenient.

Hey, I thought I paid a tax all my life in order to earn this SS. How can you tax me on an income that came from taxation?

I understand, it's the governments program so the government can do what they want.

I was under the impression the government was For And By The People. I must have been mistaken. 

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Permalink Reply by Chris Stevenson on July 27, 2015 at 9:12am

Thanks, guys. Yeah, the ultimate travesty here is not the end amount of the sale at all. It's the things that can go bump in the night and make nearly everything disappear. That includes the SSI for both of us, a huge amount of govt/state taxes, Medicare, home nursing, food assistance from the county, and ultimately, food stamps. That is a whopping deduction is our normal living expenses. Our lifestyle would be completely turned upside down. We didn't ask for this inheritance, it just flopped in our laps. As a result, we stand the chance of losing EVERYTHING and then bleeding off the profits until there's nothing left at all, then having to restate all of those amenities.

I need the most aggressive, no-nonsense property/mineral/rights lawyer on the planet to salvage any of this income.

That's why I'm looking into trusts and blind trusts and trying to diminish the potential financial damage somehow. If not, the whole kettle of fish should go to charity and be completely done with it. It's not worth it, when the Government takes it all.

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Permalink Reply by Mike Murphy on July 27, 2015 at 1:49pm

  aggressive, no-nonsense property/mineral/rights lawyer.....that sure sounds like what you need .........he will know what you need to do ..........43 acres should bring 100,000 to 150,000 in bonus money too you If you get that much money I don't think you will need food assistance or food stamps anymore  you will have plenty of money to buy groceries 

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Permalink Reply by Chris Stevenson on July 27, 2015 at 2:52pm

This first bid is bringing a lot more than that. Tack on another $120,000 on top of your highest bid. Just got news from a lawyer that the SSI and taxes won't be affected. I don't know how true this is, but it's worth looking into.

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Permalink Reply by Mike Murphy on July 28, 2015 at 12:28am

it may not effect your ssi but you sure will have to pay taxes on your income

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Permalink Reply by S S C on July 28, 2015 at 12:53am

You got that right, lol. Per haps he means it wont be disqualifying for ssi. But whatever, i would ask the lawyer or accountant to clarify that for you because bonus money is taxed as ordinary income and this lease should bring well over 100k. Maybe double or triple that if you lease all formations. It depends on what per cent goes to each person too. If it is split among many owners, it may be no one gets enough to put them in a higher tax bracket. But i would expect you will pay both state and federal income tax on this and maybe some local property tax increase.

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Permalink Reply by Mike Murphy on July 28, 2015 at 1:25am

sounds like you better find another attorney and a good tax adviser .....it will affect your taxes as ordinary income just like if you worked for the money

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Permalink Reply by Chris Stevenson on July 28, 2015 at 7:29am

Hah! I was afraid of that. It seems to me that the SSI might be diminished somehow, but not altogether stricken, with leave only a hair left or so Depends on how it's worded. My sister fielded the call and couldn't quite give me the essentials on it. Taxes seem inevitable, any way you look at it.

LOL--didn't know I would get swarmed with over a dozen companies just from mention on this website. You do, truly have to be careful what you say here.

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Permalink Reply by Mike Murphy on July 28, 2015 at 11:39am

remember most of those swarming companies are just flippers not real producers and get ur mineral rights then sell them and make money off them make sure u find a true oil and gas attorney   if your making good income off of wells u wont need ssi

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