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I have a tax attorney question. My land has been acquired by…

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I have a tax...

I have a tax attorney question. My land has been acquired by emminent domain. The state was scheduled to pay as of Aug 2017. To date they have not paid. I have orchard trees and wells of $220,000 that have been destroyed by the state. Is there a way to write that off on my taxes as a loss since no money has changed hands?

Accountant's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Only seen a local lawyer for filing but nothing for taxes

Accountant's Assistant: Where is the land located?

Kings Co, California

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not really

Submitted: 1 month ago.Category: Tax
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Answered in 1 day by:
3/30/2018
Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 665
Experience: Tax attorney and accountant
Verified

If you are a cash basis taxpayer then you would report the gain when you are paid. You might be able to write it off as a casualty loss. However, if you get paid latter, then you would need to report that as income due to the tax benefit rule.

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Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago

Why have they not paid yet?

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