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Started By
Message
Inheriting 200 Acres
Posted on 12/27/24 at 5:11 pm
Posted on 12/27/24 at 5:11 pm
A family member passed away about 6 months ago and I was told I will be inheriting 200 acres of land somewhere in the below red box (I know exactly where it is, I just do not want to give that up just yet).
I am not sure what to do with the land. I could turn it into a hunting camp, turn it into a hunting lease, or outright sell it (any other ideas?)
What would you do and why? I am not a huge hunter but that may change... I know there are a ton of variables that could influence any decision so any insight will be appreciated. Can anyone provide a range of what the land is worth? The land is about 70% pasture and 30% forest. Any recommendations for a land realtor or brokerage?
I am not sure what to do with the land. I could turn it into a hunting camp, turn it into a hunting lease, or outright sell it (any other ideas?)
What would you do and why? I am not a huge hunter but that may change... I know there are a ton of variables that could influence any decision so any insight will be appreciated. Can anyone provide a range of what the land is worth? The land is about 70% pasture and 30% forest. Any recommendations for a land realtor or brokerage?
This post was edited on 12/27/24 at 5:21 pm
18
Posted on 12/27/24 at 5:15 pm to Roy Curado
I'd take that down if I were you
Posted on 12/27/24 at 5:16 pm to Roy Curado
is it on a river?
Posted on 12/27/24 at 5:29 pm to Roy Curado
Is someone leasing the pasture now? If so I would continue to lease it, if not find someone to lease it. If I had 200 acres I would not be looking to sell.
Posted on 12/27/24 at 5:33 pm to Roy Curado
I wouldn’t sell it they are not making anymore.
Draw up a lease that pays the taxes maybe even a lease that allows you to be a member and use it.
Sight unseen if it was 30min away from me I would pay 10$ an acre for use of it.
Draw up a lease that pays the taxes maybe even a lease that allows you to be a member and use it.
Sight unseen if it was 30min away from me I would pay 10$ an acre for use of it.
Posted on 12/27/24 at 5:39 pm to Roy Curado
quote:
Can anyone provide a range of what the land is worth?
You need to get an appraisal, but depending on a number of factors… 500-750k, maybe a million if it’s in the right spot.
We just inherited some land in North MS that’s half hardwoods and half hay ground. It appraised for $2800/acre.
In the short term, we’re just leasing out the hay cutting rights. Long term, we’re going to look at CRP options, carbon credits, and about 25% of it could be a candidate for solar panels, as it border an Entergy substation.
Posted on 12/27/24 at 5:47 pm to prostyleoffensetime
That is nice for you. I do not think Entergy is investing much into solar right now though.
Posted on 12/27/24 at 6:35 pm to Roy Curado
I don't know what I would do with it, but there's not a chance in hell I would sell it unless it was for a life changing amount of money. Life changing is different for everyone.
Posted on 12/27/24 at 6:40 pm to Roy Curado
I didn’t see your map but I may be able to help you. Not looking to rent it myself.
Huntinguy123@live.com
Huntinguy123@live.com
Posted on 12/27/24 at 7:51 pm to Roy Curado
quote:
200 acres of land somewhere in the below red box
Posted on 12/27/24 at 8:02 pm to Roy Curado
Get ready to pay the tax man once you sell it. Capital gains going to be at least 15%.
Posted on 12/27/24 at 8:04 pm to Roy Curado
Since the pic is down, I assume Louisiana or Mississippi.
I have our pastures cut for hay. They more than cover the property taxes. A few right of ways covers the limestone expenses. The rest is profit.
I have our pastures cut for hay. They more than cover the property taxes. A few right of ways covers the limestone expenses. The rest is profit.
Posted on 12/27/24 at 8:19 pm to lsufan1971
quote:
Get ready to pay the tax man once you sell it. Capital gains going to be at least 15%.
If it’s inherited, I’m pretty sure it’s 15% of the price originally paid if he sells it within 6 months of inheriting it.
Might need to talk to a tax specialist.
This post was edited on 12/27/24 at 8:21 pm
Posted on 12/27/24 at 8:22 pm to Roy Curado
I’ll lease the hunting rights
Posted on 12/27/24 at 8:28 pm to Roy Curado
I’d use it as a personal hunting property because I love to hunt. I’d put fifteen acres in food plots and plant trees in the rest of the pastures.
The value will be in the ballpark of $3,000 per acre.
The value will be in the ballpark of $3,000 per acre.
Posted on 12/27/24 at 8:36 pm to Roy Curado
quote:
do not think Entergy is investing much into solar right now though.
Unfortunately, 3000 acres not far from me is going to be a solar farm. I’m in Amite county Ms . The company is surveying now and will start with clearing in 25.
This post was edited on 12/28/24 at 8:46 am
Posted on 12/27/24 at 8:48 pm to REB BEER
quote:
If it’s inherited, I’m pretty sure it’s 15% of the price originally paid if he sells it within 6 months of inheriting it. Might need to talk to a tax specialist.
He gets a stepped up tax basis, so he only has to pay taxes on the capital gain from date of death.
Example: Bequeather buys land for 250k in 2014. They die in 2024. Land appraises for 500k when bequeather dies. Bequeathed wants to sell land after a couple years. Gets it sold for 600k. He pays taxes on 100k, not 350k.
This is why he needs to get an appraisal, to establish a value at date of death.
*** I’m not a tax specialist.
ETA: This would be a good topic on the Money Board too.
This post was edited on 12/27/24 at 8:58 pm
Posted on 12/27/24 at 9:04 pm to Roy Curado
How far is the land from you? Do you love the land? How much is the family value? Anyone else in the family want the land?
If you don’t keep the land, I’d strongly suggest selling it to buy other land to some degree.
Land is a lot of work, or often is. I would love to own more land but only within an hour or so of me.
One option is to, as said, have 1-2 other members or more and have them help you upkeep it. Share some of the costs and the work to be able to hunt and what not.
If you don’t keep the land, I’d strongly suggest selling it to buy other land to some degree.
Land is a lot of work, or often is. I would love to own more land but only within an hour or so of me.
One option is to, as said, have 1-2 other members or more and have them help you upkeep it. Share some of the costs and the work to be able to hunt and what not.
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