What taxes are owed on income received from a natural gas lease?
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I will receive a check from a natural gas exploration company to extract gas from land that I own the mineral rights to. What percentage will be owed in taxes? Do I need to prepay the tax to the government, or can I wait until I file my 2007 tax return?
I will receive a check from a natural gas exploration company to extract gas from land that I own the mineral rights to. What percentage will be owed in taxes? Do I need to prepay the tax to the government, or can I wait until I file my 2007 tax return?
You should pay some estimate so you don’t get penalized. If your tax liability is not within 15% of what you paid in throughout the year you’ll be liable for penalties.
phone them and ask
I would make a deal with the company that is mining your land that states the mining company will pay all taxes. If they do not agree, tell them that the next contract you sign will not be with their company. ALL taxes.