Does having mineral rights on your property count as a small business in the trifecta before royalties start? I’m 2 weeks out from signing a contract that has a 1 time payout of up to 200000 with the possibility of 12 to 20k a month in royalties if they drill on or under my property.
We answered this on our show today (10/8) that should be live in the next 3-4 days. Thanks for submitting. Mark & Mat.
It just came out and I watched it. Thank you for answering my question. I only wish I had waited a few more days before speaking with your lawyer Ryan Tosto in New York. He informed me that it was passive income and I can’t do the self directed IRA on that entity but my trust and llc setup for asset protection and estate planning would still be a write off. I hope since it’s a little over 5k. If drilling happens i won’t need to worry about retirement. I was just hoping to maximize my Roth via the back door to better get a grip on my retirement and if course the board of advisor retreats.
Thanks again for your help and videos.