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Permalink Reply by searcherone on April 12, 2015 at 3:20pm

Zack,  if you are a person who donates to good causes check out a Community Foundation in your area.   Most of them have an account that an individual can set up.   You have control of the money, but you or your family NEVER get the money back.   It makes interest which you can give to charitable  causes and continue to take a tax deduction.     The donations have to go to 501(c)3 organizations.   And the initial donation is a tax deduction.

Example:  If you donate 10,000 to set up the account that is a tax deduction.    The money is invested, the account makes money.   You can donate the earnings.   That donation then becomes a tax deduction.  You make the choice of where the money goes.  The account can continue by appointing someone to make donations after your death.

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Permalink Reply by 0ym9x5ag7ury2 on April 13, 2015 at 12:56pm

If you live in Carroll County Ohio you will be taxed at 8% according to one landowner. I called the courthouse and they didn't know how much or when the tax would be assessed.

If you were with the wrong O&G company, the one that rations landowner royalties, you wouldn't have a problem paying the taxes. Our royalty for the year was less than $900 per acre.

One citizen said it's not the O&G companies job to make you a millionaire. I agreed but it is their job to follow the signed lease, sort of like a CONTRACT that they made with Ohio Landowners. For now that isn't going to happen.

Congratulations for having an O&G company that has allowed you to have a tax problem.

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Permalink Reply by rmc on April 13, 2015 at 1:57pm

Hello we formed a FLP Family limited partnership
Each family member owns a percentage of the farm.
Of course each member files there own taxes diluting the tax burden or at least the percentage of tax paid on the royalities.

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