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#2
03-28-2009, 07:00 PM
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 Re: mineral rights in OK In article <CnAul.15245$v8.3327[at]bignews5.bellsouth.net> , Harlan Lunsford <lunstax[at]bellsouth.net> wrote: - quote - > Frank S. Duke, Jr. wrote:
And doesn't get a credit, due to living in TX. (Sure, it's better> > You bet. The income was earned in Oklahoma. Most likely, she can take a > > credit for the OK tax paid on an NM return. Good thing she does not live in > > TX. > Why? Texas doesn't have income tax. However my client who has such > income does have to pay Alabama income tax on said proceeds. not to pay taxes than to pay them and get a partial credit back.) Seth -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-13-2009, 08:46 PM
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| Re: mineral rights in OK Frank S. Duke, Jr. wrote: - quote - > You bet. The income was earned in Oklahoma. Most likely, she can take a
Why? Texas doesn't have income tax. However my client who has such> credit for the OK tax paid on an NM return. Good thing she does not live in > TX. income does have to pay Alabama income tax on said proceeds. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-13-2009, 02:12 AM
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| Re: mineral rights in OK in article eaa95b97-13bf-448c-9d2e-89872044cf33...oglegroups.com, Marion1E[at]comcast.net at Marion1E[at]comcast.net wrote on 3/12/09 9:30 PM: - quote - > Hi again,
credit for the OK tax paid on an NM return. Good thing she does not live in> My mom has mineral rights (no land) in Oklahoma. An oil company rented > those rights for $40,000 last year which unfotunately was spent on > alzheimer care; but this is beside the point. She lives in > Albuquerque, NM. Does she has to do an Oklahoma return, too? > Thank you for all your input, You bet. The income was earned in Oklahoma. Most likely, she can take a TX. Uncompensated advice guaranteed correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-13-2009, 12:30 AM
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| mineral rights in OK Hi again, My mom has mineral rights (no land) in Oklahoma. An oil company rented those rights for $40,000 last year which unfotunately was spent on alzheimer care; but this is beside the point. She lives in Albuquerque, NM. Does she has to do an Oklahoma return, too? Thank you for all your input, -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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