Got an offer to buy my land today.... Wasn't looking to sell it

[DPI]

You only have to pay taxes, if you make for than $250,000 profit on a property or if it's used as a business. That's how it works if there is a house on it at least.

This would be considered a long term capital gain and is taxable. It has nothing to do with residential or business property tax rules.

 

[CODE_3]

You only have to pay taxes, if you make for than $250,000 profit on a property or if it's used as a business. That's how it works if there is a house on it at least.

You can file an 1031 exchange as long as you buy another property, that will also prevent you from paying taxes.

 

[DPI]

You can file an 1031 exchange as long as you buy another property, that will also prevent you from paying taxes.

I think that only has to do with your primary residence. I think I would do some research before I make a decision based on what some says on the inernets.

 

[AllOut]

Joe Kight was the realtor it was listed with when I bought it. He is also the one contacting me now with trying to get me to sell it.
The property is a mile south of 412 on the east side of the river. The section I'm on butts up to the river.

 

[DPI]

Is it close to Rocky Point?

 

[XD-9Guy]

I wouldn't sell until you had a piece of land that you like better lined up to replace it.

 

[AllOut]

Is it close to Rocky Point?

Im about 2 miles north of it plus the river bends another 2-3 miles east
So bout 5 miles
Or im 3 miles northwest the way the crow flies

 

[druryj]

Sounds to me like If it was me, I'd keep it.

 

[Cowboy2000]

17k ain't a whole lot after taxes. I would see how much they really want it, ask for more, and see what they say.

 

[turkeyrun]

I would counter at $8000 / acre or just say 100k to keep it round numbers. You have said several times you don't want to sell, see how bad they want to buy. How / what could you buy with $100k? In my neck of the woods, that is 80 acres compared to the 12 you have now.