Was just wondering if there is a ball park percentage to pay on lease money,tyler co. An example 45,000 in lease money how much will i have to pay..Just a ball park figure would be fine.
What ever 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 book keeper 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%