This is our property in LA, we reside in FL and are leasing the rights out for 3 years, The company sent the 1099-Misc for total lease, 39258.00. I am assuming we have to now file a state tax in LA too. This amount added to income jumps us into another tax bracket. Showing that we owe a lot of money? Using Home and Business
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Most oil and gas leases in LA pay a certain amount for the full term of the lease. You would pay the full amount for the total lease in the year you receive it. There is no way around it. But, if you received that much for the lease, they must think there is something good under your property. If that's the case, you will get much more than the extra taxes paid if they strike oil or gas. (I am in LA and have my MS and LA property leased, too.) Good luck!
Most oil and gas leases in LA pay a certain amount for the full term of the lease. You would pay the full amount for the total lease in the year you receive it. There is no way around it. But, if you received that much for the lease, they must think there is something good under your property. If that's the case, you will get much more than the extra taxes paid if they strike oil or gas. (I am in LA and have my MS and LA property leased, too.) Good luck!
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