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

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Cedar Creek

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We have 28.8 acres that joins the 2.5 acres our house is on. Highway frontage on about 7 level acres just at the edge of town. We really don't want to sell just because we enjoy the privacy, but we have had inquiries from two churches who wanted us to sell them a few acres to build on. I was afraid to try the crazy price stategy to scare them off because they may have gone for it, so I just say "not interested. We will probably sell the property seperate from our house if we ever move to a smaller place, but even though real estate hasn't been real great the last few years I think our land is appreciating faster than my retirement accounts are gathering interest.

Cedar Creek
 

Fatboy Joe

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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.

IRC §1031(a)(1) - No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.

This has to be replaced within 180 days. This does not apply to stocks/bonds/securities.
 

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