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Hi, did you receive a 1099 for the settlement?
If the amount received was more than your tax basis in the home (typically purchase price plus improvements) only then would it represent a gain
Not yet this settled in Jan.2013. We filed W-9 with our attorney.
Is the amount received more that what you had invested in the home?
The amount is less. Thank you.
Then no capital gain
DId your attorney indicate that the settlement might be taxable?