West Virginia Direction For Payment of Royalty to Trustee by Royalty Owners
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How to fill out Direction For Payment Of Royalty To Trustee By Royalty Owners?
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FAQ
The cost basis for inherited mineral rights is ?fair value.? It's simply the book value of what you receive on the day you acquire it. If you sell your rights afterward, you'll have to pay capital gains tax on the difference between your cost basis and the sale price.
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
If you collect royalty income of $100,000, you could pay $30,000+ in taxes and only keep $70,000 and it would takes years to collect. Your basis in mineral rights can affect how much tax you owe when selling mineral rights vs collecting royalties. If you inherited mineral rights, it nearly always makes sense to sell.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax. All real and tangible personal property, with limited exceptions, is subject to property tax.
Mineral Assessed Value is 60% of the appraised value of the property. WV appraisal values for minerals are based on the start date of drilling and production income.
As a mineral rights value rule of thumb, the 3X cash flow method is often used. To calculate mineral rights value, multiply the 12-month trailing cash flow by 3. For a property with royalty rights, a 5X multiple provides a more accurate valuation (stout.com).