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Death and Taxes
Information
They tax you, you die, then they tax you again. Everything you want to know about taxes and the Shale.
Website: http://www.GoHaynesvilleShale.com
Location: Haynesville Shale Area
Members: 76
Latest Activity: Dec 5
Discussion Forum
Eligible for Depletion on Inherited Royalty Income? 8 Replies
IRS Publication 535 (Section 9: Depletion) states that one may claim a depletion deduction only if you have an "economic interest" in a mineral property, where an "economic interest" exists if BOTH o…
Started by Suzanne Brown. Last reply by Kathy Morgan Aug 18.
Tax Season Week 7: The New Economic Stimulus Package and Your Taxes 2 Replies
OK everyone, taking a break from the HS specific stuff this week. Here is an overview of what the new Economic Stimulus package is going to mean to your taxes. Please remember that there are a lot of…
Started by Kathy Morgan. Last reply by Kathy Morgan Apr 19.
Damages
Getting a lot of last minute people coming in with lease payments and seperate payments for damages on Right-of-ways. The money you get that is specifically identified as damages is treated different…
Tagged: taxes, right-of-way, damages
Started by Kathy Morgan Apr 11.
The light at the end of the tunnel 2 Replies
As you all can probably see from the lack of activity, I've run out of topics that are HS and tax specific. I will continue to take any questions, here or in my email. If anything new pops up I will…
Started by Kathy Morgan. Last reply by Kathy Morgan Mar 28.
Tax Season Week 6: 1099MISC 10 Replies
I've been getting a lot of questions about the 1099MISC form people are finally getting in the mail. A lot of the companies are issuing them incorrectly. If you signed a lease and/or bonus payment la…
Started by Kathy Morgan. Last reply by Kathy Morgan Mar 13.
death and taxes 4 Replies
ms. KATHY enjoy your site.....with say a $350 plus (a large pipeline) per rod, pipe line right of way payment through pasture land...what would be considered as property damages and what would be or…
Started by stroud. Last reply by stroud Mar 9.
Tax Season Week 8: More Economic Stimulus - The Devil is in the Details
Or in several cases I should say the Angel. These are some sweet credits we are all paying to get. I'll take last weeks list and expand on what we know so far. 1. Nothing that I have been able to lo…
Started by Kathy Morgan Feb 25.
Tax Season Week 2 - What percentage am I going to have to pay in taxes? 5 Replies
The highest federal tax bracket is 35% and LA state is 6%, so a max of 41%. The lease/bonus/royalty income is added to your total income and taxed at your normal rate for taxable income. This is afte…
Started by Kathy Morgan. Last reply by Kathy Morgan Feb 23.
Tax Season Week 3: Where do I report HS income on my taxes? 11 Replies
For the federal tax return you report your HS income, for which you should receive a 1099Misc, on the Schedule E (Rents and Royalties). If it is lease income, including signing bonuses, it will go on…
Tagged: royalties, rents, tax, income
Started by Kathy Morgan. Last reply by Hunter Hillbilly DS3 Feb 6.
Tax Season Week 5
Sorry I'm late this week folks, but it's been super busy at work. This week is not so much a question as some info that has cropped up in the main Tax Issues discussion boards. How will my HS income…
Started by Kathy Morgan Feb 6.
Tax Season Week 4: What other type of income does my shale money effect?
Since the HS money is treated as regular income the big thing it hits is Social Security income. If you are drawing SS or SSI and don't normally pay taxes on it because of your income level, that may…
Started by Kathy Morgan Jan 28.
Tax Season Week 1 - How do I know what to report on my taxes? 2 Replies
Thought I'd start off the season with a weekly question. (At least until I run out of ideas!) Week One: How do I know what to report on my taxes? Answer: You report the gross amount you received for…
Tagged: bonus, lease, royalty, tax, income
Started by Kathy Morgan. Last reply by Kathy Morgan Jan 19.
The Feds and the State are coming and they want their piece of the pie 1 Reply
It will soon be that time of the year again. We've worked all year and now the federal and state government will tell us how much of the pie we get to keep. Are you ready? Kathy
Started by Kathy Morgan. Last reply by Kathy Morgan Nov. 27, 2008.
RSS
Comment Wall
Comment
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Comment by Kathy Morgan on April 18, 2009 at 8:29pm - No worries, Shelley. The IRS reports that the biggest mistake made on paper filed returns is people forgetting to sign them. As long as you made your payment and at least one of you signed it there will be no late filing penalties. They might send it back for signature but just sign and send it right back in. You'll be just fine, get some rest.
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Comment by Shelley on April 18, 2009 at 7:16pm - ok...please help.... i sent my taxes in on April 15. Woke up last in fear that i forgot to sign my name on it. I know my husband had signed his name but lord have mercy i think i forgot to sign my.... does anyone know what they will do if i forgot... i am sick over this!!!!
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Comment by Keith - Site Publisher on April 15, 2009 at 10:40am - i know there are some of you out there waiting till the last second. lol.
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Comment by getoverit on February 25, 2009 at 4:05pm - Ok, we received a call back from Petrohawk today and the lady stated that they are required to list the lease bonus payments in Box 1 because it is considered an advance royalty payment. She stated that as long as we have documentation showing that it was for a lease bonus, then we should be able to file our taxes correctly and be able to deduct the items that we need to deduct.
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Comment by Kathy Morgan on February 12, 2009 at 12:21am
- The corrected 1099 may take awahile. You don't have to wait since we know the numbers and they won't change.
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Comment by getoverit on February 11, 2009 at 11:02pm
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Kathy,
Do we have to wait until we receive the corrected W2's from PHK to file our taxes, or can we go ahead and file? How long does it usually take to receive a corrected W2?
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Comment by Kathy Morgan on February 11, 2009 at 10:15am
- Box 2 is royalties and there are only certin things that can be deducted. They need to be reissued in box 1 as rents for the lease and signing bonus. Once the rigs start producing THEN it's royalties.
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Comment by getoverit on February 11, 2009 at 8:52am
- Kathy, Petrohawk has our bonus listed in box 2 (on both our 1099 and my MIL's). Is box 2 income taxed any higher or any lower than box 1 income? Do I have to request a new 1099 from them?
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Comment by Kay DS1 on February 11, 2009 at 7:16am
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Kathy,
I was told to list the "bonus" money on "Other" under income. Why would I put it under rent in Schedule E. I am not renting it. Others in my Sections as well as the O&G attorney who oversaw our deal, agrees with the CPA. It should be under "Other". That is where he posted it.
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Comment by Kathy Morgan on February 10, 2009 at 11:51pm
- Good deal.Now it can be put on the return correctly as rents on the Sch E.
Haynesville Shale Blog Posts
COTTON VALLEY AND LOWER COTTON VALLEY UNITS WITH DEPTH DEFINITIONS INCLUDING THE HAYNESVILLE ZONE
Posted by Skip Peel- Independent Landman on December 13, 2009 at 11:33am — 8 Comments
"Formal notice of withdrawal"?
Posted by Robert Wayne on December 3, 2009 at 10:19pm
Blessed Thanksgiving to You
Posted by Keith - Site Publisher on November 25, 2009 at 9:43am — 11 Comments
Obama, Shale Gas, & China
Posted by Keith - Site Publisher on November 19, 2009 at 10:07am — 64 Comments
Natural Gas Closing Price at Mid Nov. 2009 $4.63; Recovery of $1.00 Since Mid-September 2009
Posted by weatherman on November 16, 2009 at 3:30pm — 3 Comments
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