Does anyone know how much income tax that I will have to pay on gas well royalties on an estate?

Question

I've recently been named executor of my grandfathers estate and I'm wondering about how much income tax I will have to pay at year end (percentage wise).

I've recently been named executor of my grandfathers estate and I'm wondering about how much income tax I will have to pay at year end (percentage wise). I'm talking about federal only.

Answer 1

Its depends on 'where' your estate is and the income that the royalties bring in. Federal is pretty much across the board, and is probably dependent on the gas well's income. Otherwise, taxes differ per state, city, town, and hamlet. Some local authorities will and won't tax on such things.