6740 New London road sold for $85000. All mineral rights transferred to the new owner subject to the existing lease. The new owner will not only receive royalties but will also be able to use the free gas to any future home they may choose to build!
Contact me for land or property with acreage. I can also assist you with the sales or leasing of your minerals! Don't sell yourself short! Land values have been increasing.
So you’ve decided to lease your mineral rights. You’ve attended a few of the educational seminars. You’ve spoken with your attorney and now you’ve chosen the company you’re comfortable with to sign a lease. Great!! Your signing bonus and royalty checks may be substantial.
How does the IRS treat this type of income?
The Lease Bonus Payment, which can be received in one payment OR installments is considered to be ordinary income. The IRS considers it the same as rental income and you’ll need to use Schedule E to report this particular type of income.
Royalties are payments for share of production. They are treated as ordinary income. Neither leasing bonus or royalties are subject to any self employment tax. However they are usually subject to percentage depletion. You’ll report the royalties on Schedule E also.
How can you possibly reduce your tax liability for you newly acquired income?
There are also deductions you can claim that can help. For example, you may deduct the attorney payments that were associated with your lease negotiation. There is so much to consider when leasing your property. Please consult with your financial and legal advisers to make sure you’re getting the best possible advice.
Contact me for more information on buying or selling property in Northeastern Ohio, or for information on leasing your mineral rights.
Email, text or call-
Jackie Stewart- Miller Realty
440-563-6656
jstewcrew@hotmail.com
http://www.NortheasternOhioProperty.com
Have you heard about the upcoming gas and oil boom in Northeastern Ohio?
There is certainly a lot of information and rumors out there. Perhaps you’ve
been approached by a “leasing specialist” who wants you to sign a gas
and oil lease with them? What does all this mean for you?
If you have land that’s currently lease free in Ashtabulaand
surrounding counties, then it could mean future revenues from gas/oil
royalties. But how do you know which leasing company is right for you?
Should you lease directly with the oil companies?
First of all don’t jump at the first lease that comes along. Do you
homework. These documents can be complicated. Ask lots of questions. If
there are informational seminars available in your community plan to
attend. There is so much more to consider than just the price per acre
the lease will offer you.
Don’t lock yourself into a lease immediately. Remember, a mineral
lease is a legally binding document. Think things through, attend
seminars, and become educated.
When you’re considering a company to lease your minerals, your ground
water must be taken into consideration. Is there a clause on your
lease granting the oil company unrestricted use of your fresh water? It
can take 5 million gallons of water for hydraulic fracturing! Where
will all that water come from?
What about your water quality? Who will protect it? How will they
protect it? If your water is altered, or contaminated, what happens
then? Will the oil company pay to make the water good again? Who will
sample the water to make sure?
You NEED to know the answers to these and other questions! Without good, clean water, your property is worthless!
The upcoming gas and oil leasing is not all gloom
and doom. There is a landowner association working in the area who
addresses not only these concerns, but many more not listed here. You
need the information they have before making a decision to sign a lease
with ANYONE.
Contact me to find out more about the landowner association that works to protect YOUR landowner rights! You may attend a seminar, or arrange for a private meeting, all without obligation!
Buying, Selling a home or Land in Ashtabula County? Want to learn more about leasing your mineral? Contact me for more details!!
Northeastern Ohio Property. All Rights Reserved. No Part of this Blog May be Copied or Reproduced Without Written Permission,
Affordability NEAR Roaming Shores.
• lot / land
-
MLS®
$15,500
- Reduced!
Rome, Ashtabula County
-
Life on the Edge! Prime Building Lot On The Edge of the Roaming Shores Community. Looking for a Rural Area to Build Your New Home? Don't Want To Be Too Far From Civilization? You've Got It Right Here! Deed Restricted For Your Protection
Property information
Plymouth Township, Ashtabula County
- 30 Acres of Vacant Land on Route 46 in Jefferson, Ohio 44047 has been sold.
Property information
Affordability NEAR Roaming Shores.
• lot / land - MLS® $15,500 - Reduced!
Rome, Ashtabula County - Life on the Edge! Prime Building Lot On The Edge of the Roaming Shores Community. Looking for a Rural Area to Build Your New Home? Don't Want To Be Too Far From Civilization? You've Got It Right Here! Deed Restricted For Your Protection
Property information
ZONED COMMERCIAL C1
• commercial "Convenience Store" - MLS® $45,000 - Your Own Business!
New Lyme, Ashtabula County - Do you hear that? Its the sound of opportunity KNOCKING! Open your very own business in this C-1 commercial property. Located on a prominent road, this property was formerly a convenience store but the C-1 zoning affords many more options! Included in the price- coolers, freezer, cash registers, and displays. Its all here waiting for your Grand Opening!
Don't wait! This is YOUR chance to be THE boss!
Property information
Great Starter or Investment!
• 768 sq. ft., 1 bath, 2 bdrm single story - MLS® $57,000
Windsor, Orwell - Cute 2 bedroom 1 bath ranch on 6 acres with Grand River flowing through the back of the property. If you're looking for a great starter home OR investment then check this one out! Wooded, scenic, rustic. New Furnace in 11/2010. Windows replaced 1 year ago.
Property information
Are you a gardener or an aspiring chef? Maybe you just plain old love to cook and garden regardless! If so then you should stop on out to Perry in Lake County on June 4-5. Learn about and "taste the joy of gardening" thanks to local chefs and area growers. From 9 AM until 6 PM on June 4 at the Middle Ridge Gardens located at 6559 Middle Ridge Rd in Perry and check it out.
June 9-11 Bluestone will offer an end of season clearance. Their spring plants will be offered for sale at great discount prices. Come on out and see from 8 AM until 8 PM at Bluestone Perenials located at 7211 Middle Ridge Road in Madison.
Interested in moving to the Madison/Perry Area? Contact me to receive daily listings for FREE!
http://www.NortheasternOhioProperty.com
Its almost time for the 51st Annual Strawberry Festival in Kirtland, Ohio. Enjoy fresh hand selected strawberries, wonderful strawberry short cake and try your luck at the strawberry short cake eating contest. THis is one contest that will be most enjoyable regardless of winning or losing!!
Have some yummy sundaes BY THE QUART! THere will also be games, crafts, chocolate covered strawberries and other enjoyable treats. THere will be rides, a parade, and the Ms. Kirtland Contest too! You won't want to miss this Festival from June 16-June 19. Hours are Thursday from 6-11 PM, Friday 6-11 PM, Sat 12 noon until 11 PM and Sunday from 12 noon until 6 PM. The festival will be at the Kirtland High School located at 9152 Chillicothe Rd. (Route 306) in Kirtland, Ohio.
For Information on the Festival 440-256-1181
www.kirtlandkiwanis.com
Admission is FREE!!!
For Info on Homes or Land in Lake County--
http://www/NortheasternOhioProperty.com
Rome, Ashtabula County - Announcing a price reduction on 1745 Callender Road building lot . Now 
MLS® $18,500 - Priced to Sell.
Don't wait too long and miss this!!
Property information
West Conneaut, Conneaut - Announcing a price reduction on 5454 Wetmore Rd., a 2,240 sq. ft., 2 bath, 3 bdrm single story "Nice Manufactured Home!". Now MLS® $99,000 - Reduced!.
Home for Sale in Ashtabula County. Schedule your appointment today. This one is priced to sell. Don't miss your golden opportunity!
Property information
Wooded, Gently Rolling Land
• lot / land - MLS® $109,900
Leroy, Painesville - 12 beautifully rolling, wooded acres in Leroy Twp. Would make a very nice building, hunting or recreational property. Your choice of 5 acres, 7 acres or all 12. Great rural, residential area in Lake County.
Make your move now to Leroy Township. Nice rural area of homes and land.
Come take a look today!
Property information
Format: ???
Duration: --:--
• lot / land "Wooded Land" - 
MLS® $34,000
Monroe , Conneaut - Beautifully wooded acreage perfect for hunting, camping, building. Monroe Twp is unzoned so this one is perfect for just about any use!! Many signs of wildlife especially deer! Nice rural area of land and farms but close enough to civilization to be convenient. Close proximity to I-90.
Great wooded acreage. Don't let the front of the property fool you. Follow the path at the west end of the property and you'll be surprised at how the woods envelope you in seclusion and peacefulness.
Property information
Park Like Setting
• 1,212 sq. ft., 2 bath, 3 bdrm single story - MLS® $195,000
Plymouth Township, Ashtabula County - Come on out and enjoy the country life! Completely remodeld, sitting on over 33 acres. Nicely wooded, park like setting. Schedule a private showing of this home today.
Property information