Taxes, a few questions - GoMarcellusShale.com2024-03-28T16:33:56Zhttps://gomarcellusshale.com/forum/topics/taxes-a-few-questions?feed=yes&xn_auth=noThanks everyone, just wanting…tag:gomarcellusshale.com,2014-12-28:2274639:Comment:6500772014-12-28T03:16:50.953ZMoney Bagshttps://gomarcellusshale.com/profile/MoneyBags
<p>Thanks everyone, just wanting to be informed</p>
<p>Thanks everyone, just wanting to be informed</p> Correct. I think there is a t…tag:gomarcellusshale.com,2014-12-27:2274639:Comment:6500672014-12-27T23:01:20.970ZZ3z528https://gomarcellusshale.com/profile/Z3z528
Correct. I think there is a time frame of 30-45 days to acknowledge the next property to be purchased. Then a 90-120 day time frame to close. Something of this nature. Days arent exact but in the range i believe. I was looking into the same thing, but didnt end up selling minerals
Correct. I think there is a time frame of 30-45 days to acknowledge the next property to be purchased. Then a 90-120 day time frame to close. Something of this nature. Days arent exact but in the range i believe. I was looking into the same thing, but didnt end up selling minerals 26 U.S. Code § 1031 - Exchang…tag:gomarcellusshale.com,2014-12-27:2274639:Comment:6500562014-12-27T18:13:57.321ZPhilip Brutzhttps://gomarcellusshale.com/profile/PhilipBrutz
<p>26 U.S. Code § 1031 - Exchange of property held for productive use or investment</p>
<p><a href="http://www.law.cornell.edu/uscode/text/26/1031" target="_blank">http://www.law.cornell.edu/uscode/text/26/1031</a></p>
<p>26 U.S. Code § 1031 - Exchange of property held for productive use or investment</p>
<p><a href="http://www.law.cornell.edu/uscode/text/26/1031" target="_blank">http://www.law.cornell.edu/uscode/text/26/1031</a></p> In Ohio the sale of mineral r…tag:gomarcellusshale.com,2014-12-27:2274639:Comment:6501462014-12-27T17:41:03.017Zevanhttps://gomarcellusshale.com/profile/evanhastings
<p>In Ohio the sale of mineral rights and or royalties are considered capital gains . Long term if owned for more than a year I think. You can invest that in real estate to avoid paying taxes but if you sold mineral rights for 500 thousand and bought a property for 400 , you just pay tax on the difference of 100 thousand. There is a time frame on this though. </p>
<p>In Ohio the sale of mineral rights and or royalties are considered capital gains . Long term if owned for more than a year I think. You can invest that in real estate to avoid paying taxes but if you sold mineral rights for 500 thousand and bought a property for 400 , you just pay tax on the difference of 100 thousand. There is a time frame on this though. </p>