I live in Texas, and have an oil lease in Richland County, Montana. Will I owe Montana state taxes? Thank you for any info.
Depends upon the minimum revenue according to state law. You may owe tax on the lease bonus in the year you receive it. You may owe tax on the royalty income for the year you receive it. Consult the state tax revenue code and your CPA.
Federal will take their cut.
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