What taxes do you pay on royalties besides those taken off the top at the well head?
Personal Income tax so Obama can distribute the wealth!
On the royalties?? Geez, this is nothing more than another way for the government to steal what should be ours. So far, I figure they get at least 80% and that is just the Federal Government. When someone has a small piece of the pie, it is hardly worth the effort I've put into it trying to figure it all out and it really irritates me that the landman never mentioned those taxes that come off the top. I can't wait till Monday to have a word with him:( And he has yet to tell us now much the well is producing that is our property that they drilled before they were able to find us....wow. It starts out looking like a really cool thing, they they take a small portion of your right and marry it with someone else, thereby cutting your royalty in half, then the gov't takes 10%, then I have to pay income tax and the charges imposed.....what a rip off!!!
Cool off! None of its yours, the State and Feds just let you have a little bit so you think its your property so they can justify charging you yearly property tax on their property you think is yours.
The oil company pays the tax on their share also. Good news, your first check should be pretty substantial because you will get paid on previous months you were not yet paid on.
We'll see, but considering I only have 2.5 net mineral acres, and the fact that they pooled 40 of 120 acres with someone else's 40 acres and the fact that this well, according to the permit, is a gas well...its not likely:) Gas doesn't bring much from what I've been told, or am I mistaken?
I understand we have to feed Uncle Sam and his son and grandson...state/county, that is the Severance and the ad..something or other, but why does my lease say I have to pay a tax on production in addition to that? Sorry about before, I guess I did seem to be a bit over the top:)