Was just wondering if there is a ballpark percentage to pay on lease money, Tyler County. An example 45,000 in lease money how much will I have to pay. Just a ballpark figure would be fine.
Whatever your income tax bracket will be. It is counted as ordinary income.
Here are the 2014 federal tax brackets.
http://taxfoundation.org/article/2014-tax-brackets
Don’t forget your state as well.
Thanks Rick, that chart was just what I was looking for, I just could not find it anywhere.
Rick, correct me if I’m wrong. I believe you can deduct any expenses associated with the lease, attorney, CPA, etc. There is a form for reporting rents, royalties, and related deducts.
Mike,
I think generally that is correct. However, I believe it depends on if you are in a situation to itemize deductions or not. If that is correct, then 45K might easily change the threshold where it would count. Assuming $1500 in fees, I’d rather put back an extra $500 until the tax season was over.
I’ve always played bookkeeper but left my tax return to a professional. So far she has kept us off the IRS radar!
Don’t forget about the depletion allowance 15%.
On a lease bonus?
nancy peterson said:
don’t forget about the depletion allowance 15%