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

[EFsDad]

Auction it off with a crazy reserve. That way you can get the most out of the property and if it don't sell above the reserve then you get to keep it. Win-Win

 

[Mad Professor]

You may not want to do a 1031 exchange. 15% capital gains will likely only go up. I'm surprised it did not for everyone this year.

 

[okietom]

I will trade you 10 bulk packs of .22 (525 rd boxes) for the land. :-)

I will match that and up it by 2000 CCI small rifle primers.

 

[nofearfactor]

Keep it.

 

[okiebertt]

Hang on to it. Always having a place to shoot is priceless.

 

[DPI]

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.

Property does not necessarily describe or is defined as real estate. Property could be defined in this as personal property other than stocks, etc.

 

[DPI]

From the internets: Real properties generally are of like kind, regardless of whether the properties are improved or not. So it looks like you can avoid taxes if you purchase any real property within the US within the time frame. I would suspect you need to buy the minimum amount equal to your gain on the property you sell.

 

[snipes]

Hang on to it. Always having a place to shoot is priceless.

this right here

 

[ZombieHunter]

I have 2 wells and lots of runoff but know nothing about the water rights, where would I begin to look/study to learn about the subject?

YOU Technically don't, unless you are super adept at what is called Variances, and Conveyances. Legal speak for reading Titles and Deeds of all types, as well as delineating any wills or other probates. Also you would be hard pressed to have YOUR research stand up in court if you figured you did own the water rights and just went ahead and started catching rainwater or drilling a well. I carry error and omission liability insurance through an LLC. for this purpose, costs $5k a year.

Hire a landman, or a title attorney if you want the same work and 2x the bill. All in all it is about 5 days of research on average at 8 hours a day to determine water rights ownership or not, I am $200 a day....Title attorneys won't leave their office for less than $300 a day. I can save you the trouble, do you have a well now? Chances are you have water rights, at least partially for well rights. If you own full rights that gives you the right to catch rainwater ANYWHERE on your land and divert it how you see fit. If you live in say the city somewhere, chances are your local municipality owns the water rights, so if you catch the rainwater, you will be stealing from a city entity, look up previous cases along the same lines.

 

[ZombieHunter]

You got the water rights unless severed at contract.

Most everybody will NOT buy land severed from water now because it is of no use to livestock and most crops if we cannot use the water. Only recently has Oklahoma allowed such nonsense to happen in land deals. Used to be, no one could sever water. I know this because I had this conversation with owrb about 2 yrs ago.

I was about to say, but you are correct, water can now be severed, what even more interesting is the people BUYING all the water rights...Anyone want a Nestle Crunch bar?

Nestle is a big one, buying up TONS of acreage through shell and various LLC. entities.

The single most valuable and scarce NECESSARY element to human life is going to be water in the very near future, we are running out of fresh water reserves, the Oil and Gas players are buying up all they can as well as major corporations like Nestle.

Owning water rights secures your future as far as it being the only thing you really need, because with water...you can just grow food and raise your own animals to eat.