Hi. I new to all of this. I was recently contacted by an indepentant contractor who was hired by PetroQuest He was looking for my father who owns mineral rights and said they owed my dad monies. My father recently passed away. I was wanting to know if there was a website I could go to and find info on the well production. And what kind of taxes do I have to pay at the end of the year. Any info would be helpful. Thanks
Cheryl,
Some things you need to know before we can answer the questions.
Did your father leave a Will naming you and/or others beneficiaries to his estate?
If so, have you taken steps to have your inherited share of the Mineral Interest(s) deeded to you?
If so, you will owe only the Federal (and State if you have state income taxes) on the income produced since the date of your fathers death. Your fathers estate will be liable for any taxes due on income from leases up to and including the date of death.
So, what is the status of mineral ownership? Are you the rightful heir of this mineral interest?