Offers in. Section 10 6n 5w


#1

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?


#2

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).


#3

IN California, you will have to pay CA state tax as well as capital gains.


#4

Thank you for the info


#5

Ouch!! Thanks for the info