Hi again, My mom has mineral rights (no land) in Oklahoma. An oil company rented those rights for $40,000 last year which unfotunately was spent on alzheimer care; but this is beside the point. She lives in Albuquerque, NM. Does she has to do an Oklahoma return, too? Thank you for all your input,
in article snipped-for-privacy@w24g2000prd.googlegroups.com, snipped-for-privacy@comcast.net at snipped-for-privacy@comcast.net wrote on 3/12/09 9:30 PM:
You bet. The income was earned in Oklahoma. Most likely, she can take a credit for the OK tax paid on an NM return. Good thing she does not live in TX.
Uncompensated advice guaranteed correct or double your money back
Frank S. Duke, Jr. CPA Cincinnati, OH USA
Why? Texas doesn't have income tax. However my client who has such income does have to pay Alabama income tax on said proceeds.
ChEAr$, Harlan Lunsford, EA n LA
And doesn't get a credit, due to living in TX. (Sure, it's better not to pay taxes than to pay them and get a partial credit back.)
Seth
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