So yesterday I got a call Asking to buy my 10 acres and was willing to pay 10k per acre I’m on 1/8th. Does this seem good offer? and if I decide to sell what kind of taxes would I be looking at since I live in California and would have to pay capital Gains?
I’m guessing you are in Oklahoma. I’ve seen prices ranging from $7,000/acre to almost $20,000/acre. It can depend on how much production you currently have, but also on the potential for future development and the geology.
As far as capital gains, that is typically 15% from your basis, your basis is the value of the mineral estate on the day you acquired it (for a lot of people this is when they inherited their minerals).
IN California, you will have to pay CA state tax as well as capital gains.
Thank you for the info
Ouch!! Thanks for the info