Colorado Oil and Gas Law Attorney: Capital Gains Tax
Capital Gains and Mineral Rights
Capital gains taxes are imposed on the profits made by an owner when an
asset is sold for more than the purchase price. Such capital gains taxes
apply not only to real estate, but also to royalty or mineral rights interests.
At Feldmann Nagel Cantafio Margulis Gonnell PLLC we represent people and businesses in legal matters
related to natural resources and are well-versed in the tax laws relating
to capital gains. If you are considering a sale of the royalties or mineral
rights, please contact a
Colorado oil and gas lawyer at our firm to schedule a consultation. Be assured that we will sit down
with you, review your financial situation and offer you the best plan
available to protect yourself and your business.
Oil and Gas Lawyer in Colorado State
Section 1031 of the U.S. Tax Code, known as the "1031 exchange,"
provides a means for taxpayers to defer the capital gains tax on sales
of royalty or mineral rights interests. The deferment occurs when the
royalty or mineral rights interest is sold and "like-kind" property
of equal or greater worth is purchased. Such property may include:
- Minerals
- Royalties
- Oil and gas working interests
- Real estate
With a thorough understanding of
oil and gas law, our firm can help you navigate the complicated tax code provisions and
documents needed to complete a 1031 exchange. The benefits have helped
countless people postpone the taxes due on eligible properties, permitted
investors to diversify without added tax expense and boosted the amount
of money available to invest; and we want you to realize all of those
benefits also. Please trust that we will do all that is possible to make
sure you receive your capital gains deferment.
To learn more about how we can help you, we invite you to
contact a Colorado oil and gas law attorney
at Feldmann Nagel Cantafio Margulis Gonnell PLLC.