If you were to sell 100 mineral acres for $100.000.00 what would you owe in state taxes on that Colorado
My experience is that you would have a long or short term capital gain or loss on your federal return. Colorado seems to tax a percentage of a gain. Your federal return is a part of your Colorado return. Contact me and I will give you the name of an accountant familiar with mineral rights questions. I own minerals in many states and they all tax differently including properties in Nevada. It is the best.
My minerals are in colorado and I live in Nevada but I was told by a tax acct in NV that its not taxed on Federal that I would have to pay state tax to colorado so Im not sure who knows what
Gary L. Hutchinson said:
My experience is that you would have a long or short term capital gain or loss on your federal return. Colorado seems to tax a percentage of a gain. Your federal return is a part of your Colorado return. Contact me and I will give you the name of an accountant familiar with mineral rights questions. I own minerals in many states and they all tax differently including properties in Nevada. It is the best.
Gary L Hutchinson
Minerals Management
Howard, I would defer to your personal tax accountant's advise. Maybe the buyer will have to pay sales tax on the purchase of real property in Colorado and you only have to be concerned about capital gains or losses to the feds. Ask your accountant and don't forget to look at tax lows for inherited property expected value at the time of grantor's death if that's applicable. Personally I'm for a flat tax on earnings and that's all ever. GLH
howard a frye said:
My minerals are in colorado and I live in Nevada but I was told by a tax acct in NV that its not taxed on Federal that I would have to pay state tax to colorado so Im not sure who knows what
Gary L. Hutchinson said:My experience is that you would have a long or short term capital gain or loss on your federal return. Colorado seems to tax a percentage of a gain. Your federal return is a part of your Colorado return. Contact me and I will give you the name of an accountant familiar with mineral rights questions. I own minerals in many states and they all tax differently including properties in Nevada. It is the best.
Gary: I live in the State of Utah and have G&O interest in Doddridge County WV( Royalty). In the past I have combined my 1099 from Royalties received with my total earnings and paid my taxes to the Feds and Utah. In the pasts Royalty received from WV has been insignificant, however this year my income is up due to signing leases resulting in bonus money. Would I continue to pay my taxes through Utah or do I pay on money received from WV by filing in WV?? I pay property taxes in WV. What is severance tax??