Replies to This Discussion

Permalink Reply by Steve on February 11, 2009 at 15:50

Obviously that is why they want your land. Considering the influence of the environmental movement with the new administration, their motivation is only increased.

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Permalink Reply by WayneandAnna on February 12, 2009 at 5:48

Steve, we've downloaded several guides to a 1031 exchange. I understand the role of the taxpayer, seller, and buyer; but the role of the Intermediary is confusing. Is an Intermediary required or can I do this on my own? What's your opinion? Thanks.

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Permalink Reply by WayneandAnna on February 13, 2009 at 4:42

We've researched Steve's 1031 exchange recommendation. 1031 is used to take the money from a property sale and use it to buy another property without having to pay taxes. There are several requirements such as (1) the value of the new property should be equal or higher than the property being sold, (2) you cannot touch the money in any way or you have to pay the taxes on any gain so you must use an intermediary. The proceeds of the sale are paid to the intermediary and the intermmediary pays for the new property. (3) You must declare the new property to be purchased withing 45 days of the sale of the old property and you must close the deal withing 180 days of the sale of the old property. (4) You probably need to hold the new property for a couple of years before selling or you may be seen as just ducking taxes, and you'll run afoul of the tax man. (5) There are other minor requirements that are important.

The advantage of a 1031 exchange is you don't have to pay the taxes on your sale if you follow the 1031 requirements carefully. Very carefully.

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Permalink Reply by Trina Anderson on February 13, 2009 at 11:52

I would like to sell my surface land and minerals that are located in the Harrison County near the Louisiana state line. I have about four acres and I am not sure what is considered a good price. Can anyone offer any and all information to guide me in the right direction?

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Permalink Reply by Aubrey C. Sanders, Jr. on February 13, 2009 at 12:43

While I have had no experience with such offers some of my friends have had offers from Marathon and Fina.
Usually it has to do with companies wanting to put facilities, such as compressor plants on property. One of these is in North Shongaloo-Red Rock Field near my property and the other is in Haynesville field. I think this is a pretty common practice and probably can be favorably negotiated., especially if you can do 1031 exchange. You have to follow 1031 guidelines very closely to avoid tax penalties. Good Luck and let us know what happens.

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Permalink Reply by 0443 on February 14, 2009 at 1:20

You might try contacting the Forest Service (Dept. of Agriculture). They may be interested in purchasing your property also. This could give the Energy Co. competition on price. If you did sell to the Forest Service, this would put your land into the National Forest, if that interests you? Good luck.

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Permalink Reply by Trina Anderson on February 15, 2009 at 13:12

Thank you for the Forest Service info. I'll give the dept. of agriculture a call. Any and all information is great to help with my research.

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Permalink Reply by Ron Cox on February 14, 2009 at 3:36

Where is your property?

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Permalink Reply by Trina Anderson on February 15, 2009 at 13:09

Ron, my property is in Harrison County in east Texas. It runs down the Louisiana State Line right below I -20. Please give me any information!

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Permalink Reply by TXsharon on February 15, 2009 at 13:20

They will turn your property into an industrial wasteland! Google DISH, TX and see what happened to them.

Do you have any idea with a compression station is? Do you have neighbors? Does anyone live near this land? This would be devastating to anyone living near and would ruin their investment in their property. Plus they wouldn't be able to live there.

Please contact Calvin Tillman, Mayor of DISH, TX and ask him what happened in DISH.

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Permalink Reply by SueBaby on February 16, 2009 at 3:40

TXSharon....

Is the same thing happening in Haslam, Texas ( Shelby County ). ie.. Joaquin area

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