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Barbara Lamar
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience:  JD, MBA University of Texas at Austin, over 18 years representing small businesses
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sold property and hunting rights. need deduction advice.

Customer Question

My friend sold (land?) and hunting rights in 2004. What deductions can he take to offset the purchase to minimize taxes? Actually, he sold the land years and years ago (~20 years) and just sold the hunting rights in 2004.

Thank you so much for your help!
Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
This may be a dumb question but how do you sell hunting rights to land you don't own?
Expert:  Barbara Lamar replied 11 years ago.
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.
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: He owned the property and hunting rights; sold the land (property) ~20 years ago; retained the hunting rights; now he's sold the hunting rights.

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