Asked 3/19/2010
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Does royalties go into irs forms or inheritance tax forms? A 13 acre piece of land was signed up for Marcellus Shale Drilling--is the $500 per acre reportable on an IRS form or inheritance tax form in Penna?---There are only two heirs-brother and sister with the sister being exetruix----Thank You |
Answer 1/1 - Submitted 4/11/2010
If the land was in your name you would pay income tax on any royalties received. Any oil and gas royalties that were paid to your parents before their death and are still available to you as inheritance, would be subject to inheritance tax. I hope this helps. When in doubt contact a CPA, they will know the answer much better than an ordinary tax preparer.
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