What are the tax repercussions with Obamacare if I sell my mineral rights in Texas? (I make approx 28,000 per year and rights worth $15,000)
Are you married filing joint, head of household, or single? Your minerals are taxed as capital gains, which there are three tax brackets: 0, 15%, and 20%. Depending on which you file as, will determine if you have to pay any tax at all.
Also, you don’t pay tax on the full $15,000. You pay tax on the difference between what you sold them for and what they were worth when you inherited them or what you paid for them.