Tax credit if bought home with money from mineral rights sale

I sold a portion of the mineral rights on property owned in Heber Springs, Ar. I bought a new home with the money from the sale. Is there any kind of tax credit for the money I spent on the home or will I have to pay taxes on the full amount of the sale? Has anyone been able to avoid the taxes in such a way or been in similar situation where they had to pay the full amount ? Any input would be greatly appreciated.

Not sure how Long Term Capital Gains will apply to only Mineral Rights; but, it would apply for a land sale if held for more than one year. Definitely worth checking into.

I appreciate the input, but I am not really interested in selling the land, its beautiful and full of whitetail !! just thought if I used the money to buy a house there was some kind of loophole that would save me from the taxes on the full amount. I Know when you sell a house then turn around and buy another one with the money you don't pay taxes on what you spend from the sale.

I believe what you are talking about is called a "trade" and I don't know about a tax credit but if it is a trade you should not have to pay capital gains tax on the money from the sale if it is spent to buy the new property. Both mineral rights and surface are considered "real" property. In some cases the "land" includes all rights possible, from the surface to the center of the earth including minerals, water and even pore space. Just because part of the land is split off, doesn't mean it is no longer "land". That is my understanding of it anyway.

I would contact a good CPA, they are not too expensive and I have found that they save me much more money than they cost.

Thank you for the information, I will probably take your advise and get qualified help, especially with the potential savings involved. Again I appreciate you taking the time to offer advice.

Could you be thinking of a 1031 Exchange? I know no more about this than what is found in the following link.