Income in real estate refers to the monetary benefits or other state advantages derived from the use of property, skills, or business. This includes rents, fees, royalties, and revenues from various activities related to the property.
An Oil and Gas Lease is a legal agreement that grants the right to explore, extract, and produce oil, gas, and sometimes other minerals from the land. The lease outlines terms such as the subsurface and surface rights, duration, extension terms, royalties, surface damages, assignments, and warranties.
Portfolio income consists of earnings derived from various investment activities including interest, dividends, royalties, and capital gains from the sale of investment property. It differs from earned income and cannot be used to offset passive activity losses.
