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?

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Comment by daniel cohen on June 9, 2011 at 4:35am

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

 

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