Estate Law Questions? Ask an Estate Lawyer.
Hi, The appreciation to the land when a well may or not be on it.. perhaps a horizontal drill below is what I am curious about. When the ranch was passed in the last inheritance there no way to value the land. Now when people ask to buy the royalties it does put a calculated value on the mineral rights of the grazing pasture.
What are the current law regarding paying for inherited ranch land with great value because of the mineral rights. I have heard of families having to sell their property because of the taxes imposed. This would be a brand new well just drilled. The flow would have not had the time to prove itself over time. But I do not think the IRS would really care about that in the initial estimate of value.
From grazing pasture land to producing well is quite a leap. My I did not inherit the bonus money paid with the original lease.
Can you give me any incite on the taxes that would come due on 480 acres. I know that this is not a whole lot of acreage, but is has been in the family for over 100+ years. Even if the well proves to produce it would be a number of months before the royalties would come in on a regular basis.
Thank you for any educational advice on this subject.
It amazes me 40% is outrageous. Mr. O is picking on the bottom of the upper class, they need to raise the limit.
I chose to help the person live through the years that the limit was lifted somewhat.
They should have extended, or raised permanently
Thank you.... its the future royalties that have not come in yet that is part of the crime.
But the gov can spend ... even if they do not have. The do not allow the same of the tax payer.
thank you for info. .
I will get off my box.