Answer to R. Greg Paszkiewicz: When the land was sold years ago, the seller apparently retained the hunting rights (this is somewhat unusual, but it's quite common to retain mineral rights -- this is the same sort of thing).
Answer toCustomer The seller may still have some basis in the hunting rights from when he first purchased or inherited
the land (if he did not use 100% of his cost basis to offset gains from the land sale). In addition, any improvements he made to the land over the years would be included in his basis, such as seeding the land with grain or forb crops, installing blinds and feeders, clearing the land, and putting in roads. Of course, to the extent he already recovered these costs through depreciation
, they'll no longer be available.
In addition to the above items, any costs associated with the sale would be deductible
: travel to show the land to prospective buyers, agent commissions, recording fees, etc.