Planning for Fort Worth Owners and Families
Fort Worth clients often hold assets that do not fit a standard plan: mineral rights under a house or a ranch, family land held for generations, a warehouse at Alliance or a supplier business with one large customer. Texas has no income tax and no estate tax, so planning here is about federal tax, property tax and the timing of sales and transfers. BOMCAS works with Fort Worth owners and families remotely, alongside their attorneys and other advisers.
Statewide planning ideas are on the Texas tax planning page; this page deals with minerals, land and growth in Fort Worth.
Selling or Keeping Mineral Rights
Homeowners and families receive offers from companies that buy royalty interests. A sale held more than a year is usually taxed as a long-term capital gain, while the royalties themselves are ordinary income reduced by depletion. An inherited interest has a basis equal to its value at the date of death, which can make a sale nearly tax free, while minerals bought or held for decades may have almost no basis. We compare the after-tax result of selling now, selling part or keeping the income.
Family Land and Agricultural Valuation
Ranch land in Parker, Wise and other counties is often valued for property tax based on its agricultural or wildlife use rather than its market value, which can cut the tax dramatically. Changing the use, selling to a developer or failing to meet the use requirements can bring an additional tax on prior years' savings. Placing land in a family partnership or LLC can help with management and gifts, but may affect the valuation if the use changes. We review the property tax consequences before land is sold, divided or developed.
Investing in Warehouses and Equipment
Owners building or buying industrial property can use cost segregation to depreciate parts of the building faster, and bonus depreciation for qualifying equipment. Combined with the freeport exemption for inventory and possible local incentive agreements, the tax cost of a new facility can vary widely. We model the federal and property tax effects together.
Supplier and Contractor Growth
A supplier that grows quickly with an aerospace or logistics customer may need to change accounting methods, add a retirement plan or switch entity type. Research credits, the timing of equipment purchases and owner salary decisions all affect the tax bill. Concentration on one customer also argues for keeping cash reserves.
Succession in Family Companies
Many Fort Worth businesses, from ranches to construction companies, are owned by one family. Moving ownership to the next generation through annual gifts, sales to family trusts or a buy-sell agreement can reduce federal gift and estate tax and avoid disputes. Texas community property and the basis adjustment at death are part of the calculation.
Property Tax Protests
The Tarrant Appraisal District and the other county districts mail notices in the spring, and protests are generally due by May 15 or 30 days after the notice. Owners of warehouses, ranches and homes should review values every year, and businesses should check that freeport and agricultural applications were accepted.
A Plan Covers
- Projected tax for this year and next.
- Mineral, land and property decisions.
- Equipment and facility timing.
- Owner pay and retirement plans.
- Succession and gifting.
Fort Worth Tax Planning Questions
Should I sell my royalty interest?
It depends on your basis, the offer and the income you need. An inherited interest may be sold with little gain; one held for decades may have almost no basis.
What happens if ranch land leaves agricultural use?
An additional tax on part of the earlier property tax savings can be imposed, so plan before selling or developing.
Can a new warehouse be depreciated faster?
Cost segregation can move parts of the building into shorter lives, and equipment may qualify for bonus depreciation.
When are Tarrant County protests due?
Generally by May 15 or 30 days after the notice of appraised value.
Talk to BOMCAS About Tax Planning in Fort Worth
Plans draw on current books and filed business and personal returns, and are carried out through owner pay and equipment timing that affects use tax. Clear old filings first, and check Canada–U.S. rules before cross-border moves. If you operate beyond Fort Worth, our state guides to company returns, household returns, sales and use tax, monthly books, payroll, overdue filings and cross-border matters apply too, and the Texas overview gathers them in one place.
Let BOMCAS know about your Fort Worth business or household and we will reply with next steps and the information we need for a quote. Contact us through the contact page or the form below, on 780-667-5250 or at info@bomcas.ca. Every Fort Worth service is listed on the Fort Worth overview. This page is general information, not advice for your circumstances.