# Capital Gains Tax Advice
**URL:** https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753
**Category:** Accounting and Taxes
**Created:** [May 25, 2017, 1:16am UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753 "2017-05-25T01:16:53Z")
**Posts on this page:** 19
**Page:** 1
### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 1:16am UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/1 "2017-05-25T01:16:53Z")
I recently sold some property in Pecos County, Texas and am looking for a good CPA to handle capital gains. Any suggestions?
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### Author:  [@K11](https://www.mineralrightsforum.com/u/K11)
#### Post date: [May 25, 2017, 2:23pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/2 "2017-05-25T14:23:22Z")
I am not a CPA, but pretty knowledgeable when it comes to tax stuff, so I may be able to help.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 3:13pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/3 "2017-05-25T15:13:57Z")
I’m concerned about when and how Texas will tax me on this property.
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### Author:  [@K11](https://www.mineralrightsforum.com/u/K11)
#### Post date: [May 25, 2017, 4:35pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/4 "2017-05-25T16:35:48Z")
Well, it depends on your current income, how long you owned the property, etc. Can you give me some more info? You can buy other investment property and do a 1031 exchange, but if you already sold it and have “touched” the money, you can no longer do that.
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### Author:  [@Charles\_Cunningham](https://www.mineralrightsforum.com/u/Charles_Cunningham)
#### Post date: [May 25, 2017, 7:56pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/5 "2017-05-25T19:56:41Z")
Texas will not tax you unless there is production.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 8:08pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/6 "2017-05-25T20:08:40Z")
Now that’s great news. Thanks so much.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 8:12pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/7 "2017-05-25T20:12:31Z")
The sale has been closed and the money has been deposited. Do you know how the Federal taxes work?
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### Author:  [@Charles\_Cunningham](https://www.mineralrightsforum.com/u/Charles_Cunningham)
#### Post date: [May 25, 2017, 8:36pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/8 "2017-05-25T20:36:29Z")
Any CPA can figure Capital Gains for you.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 8:47pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/9 "2017-05-25T20:47:23Z")
OK, thanks.
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### Author:  [@TennisDaze](https://www.mineralrightsforum.com/u/TennisDaze)
#### Post date: [May 25, 2017, 8:48pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/10 "2017-05-25T20:48:38Z")
Texas has no income tax on individuals and so no tax will be due to the state on either royalties or capital gains. If you owned surface or producing minerals, then you should have been receiving annual property tax statements from the County. If the property was owned in an entity, a corporation or partnership and had high income, then you might owe franchise tax to Texas. You will owe tax on capital gains to the federal government.
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### Author:  [@TennisDaze](https://www.mineralrightsforum.com/u/TennisDaze)
#### Post date: [May 25, 2017, 8:50pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/11 "2017-05-25T20:50:00Z")
Also, if you live outside Texas and pay state income tax to another state, then you may owe tax on capital gains to that state. Consult your CPA.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 8:50pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/12 "2017-05-25T20:50:52Z")
Great news on Texas. Thanks for your reply.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 25, 2017, 9:13pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/13 "2017-05-25T21:13:17Z")
Do you think I should look for a CPA in Texas who might be more familiar with oil and gas property sales? I live in Arizona.
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### Author:  [@Charles\_Cunningham](https://www.mineralrightsforum.com/u/Charles_Cunningham)
#### Post date: [May 25, 2017, 10:25pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/14 "2017-05-25T22:25:44Z")
Capital gains is capital gains.
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### Author:  [@TennisDaze](https://www.mineralrightsforum.com/u/TennisDaze)
#### Post date: [May 26, 2017, 3:03am UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/15 "2017-05-26T03:03:19Z")
Use your AZ CPA for tax questions.
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### Author:  [@PHYLLIS\_TIMS](https://www.mineralrightsforum.com/u/PHYLLIS_TIMS)
#### Post date: [May 26, 2017, 3:11pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/16 "2017-05-26T15:11:49Z")
My experience is about 40% to the feds. I didn’t have much of a cost basis as the property was inherited many years ago. I live in Nevada, no state income tax here.
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### Author:  [@Charles\_Cunningham](https://www.mineralrightsforum.com/u/Charles_Cunningham)
#### Post date: [May 26, 2017, 3:20pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/17 "2017-05-26T15:20:09Z")
The maximum long term capital gains rate is 20%.
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### Author:  [@Yetta\_Dritch](https://www.mineralrightsforum.com/u/Yetta_Dritch)
#### Post date: [May 26, 2017, 3:54pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/18 "2017-05-26T15:54:37Z")
Thanks so much for the info.
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### Author:  [@system](https://www.mineralrightsforum.com/u/system)
#### Post date: [August 14, 2018, 10:27pm UTC](https://www.mineralrightsforum.com/t/capital-gains-tax-advice/2753/19 "2018-08-14T22:27:33Z")