Tax info

My tax preparer says I have to file and pay income tax on my signing fee in WV even though I don't live in Wv. Is this true? Anyone gave any experience with this?

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Permalink Reply by Jack Straw on March 27, 2013 at 3:10pm

Yes.

Permalink Reply by Eleanor Nay-Chiles on March 27, 2013 at 3:15pm
Thanks Jack, is it also True that anyone getting royalty payments from WV royalty interests must file a WV tax form and pay Wv income tax.
Permalink Reply by Jack Straw on March 27, 2013 at 3:23pm

Yes, that too.

It gets messy, cause everyone has their hands out.

But there is one thing worse than paying income tax and that is having no income.

Actually, there are two things worse than paying income tax and that is having no income or being dead.

Heck, I have stopped buying green bananas .... don't want to take the risk of buying them, I may not be around long enough for them to ripen.

 

JS

Permalink Reply by Nancy Mosley on March 27, 2013 at 3:44pm

Yes, as rental income (I think - per my accountant).

Permalink Reply by Eleanor Nay-Chiles on March 27, 2013 at 3:55pm
Thanks Nancy and Jack

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