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Linn Co, LLC Message Board

pshonore 1 post  |  Last Activity: Jul 14, 2014 11:29 AM Member since: Mar 8, 2006
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  • Reply to

    State Taxes

    by vkerscher Jun 12, 2014 1:33 PM
    pshonore pshonore Jul 14, 2014 11:29 AM Flag

    You are supposed to file a return in any state where your net income is greater than the filing threshold. Buts its not that simple. Some states allow a deduction for Intangible Drilling cost and Depletion (like Federal taxes) while others do no). On my VNR K1 the biggest amounts of income were in OK and CO (approx. 20 cents/unit in OK and .15 in CO) and that's before any allowance, if applicable, for depletion and IDCs. Last time I looked the filing threshold was $1K of income from OK sources so unless you owned more than 5000 units you probably were not required to file in OK but everyone's K1 is different so don't take this as tax advice for your situation. Also, your residence state (assuming it has an income tax) will usually give you a credit for taxes paid to another state but its a complicated subject and involves lots of paperwork.

    My biggest problem is the Federal tax; I've owned VNR since 2008 and more that 50% of my distributions are taxable. On the other hand, that means my basis is not dropping much; so the tax bill upon sale will be less than for some other MLPs.

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