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PennDot paid me $15,000 for the purchase of a small piece of
PennDot paid me $15,000 for the purchase of a small piece of land that the state government took through eminent domain law for a construction project. I received a 1099s form. Do I have to pay taxes … read more
Barbara
Barbara
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I have a 1099s for 106,283.00 The contract for sale and
I have a 1099s for 106,283.00 The contract for sale and purchase states … read more
Anne
Anne
Master Tax Preparer
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10 years ago, Dallas county decided to take my parents land
10 years ago, Dallas county decided to take my parents land 3 acres and home via eminent domain. Both parents have passed away and my sister and I inherited there place. My father passed away 11 years… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,760 satisfied customers
How can I avoid/reduce capital gains tax on a eminent domain
How can I avoid/reduce capital gains tax on a eminent domain circumstance. Can I choose to place a significant amount of money in a retirement account to help counter the impact of the cgt? I am 60 ye… read more
Barbara
Barbara
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20,328 satisfied customers
I received land damage payments from an oil company and gas
I received land damage payments from an oil company and gas pipeline, that took a large chuck of our property, and want declare these damage payments as a reduction in the cost basis of our land inste… read more
PDtax
PDtax
Owner
Master's Degree
6,435 satisfied customers
I have a few questions related to an imminent domain case where
I have a few questions related to an imminent domain case where two separate payments are made to the land/business owner, one for condemnation and one for relocation payment. For all answers please p… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,651 satisfied customers
an individual was forced to sell some rental property by the
an individual was forced to sell some rental property by the city utility company. Are there any special rules concerning the recognition of gain on sale of rental property that was taken by imninent … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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If my land is taken by the government thru eminent domain and
If my land is taken by the government thru eminent domain and I have a loss is the loss a capital loss or an ordinary loss?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
The state of MA issued me a check for ~$75k for a strip of
The state of MA issued me a check for ~$75k for a strip of land they are taking via eminent domain (ruining my yard in the process). What kind of taxes do I need to pay on this "award" even though it … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
Two men, who own an apartment in NYC as joint tenants with
Two men, who own an apartment in NYC as joint tenants with right of survivorship, are closing on selling the apartment. They are both listed as owners on the mortgage, however, over the years one paid… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
We had to give a corner of our property to a Utility company
We had to give a corner of our property to a Utility company for a power line coming thru by way of eminent domain. I understand that we do not have to pay taxes on this if we purchase more property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
i bought a house for 40,000 dollars which is my main residence
i bought a house for 40,000 dollars which is my main residence irefinanced it for 65,000 to make improvements the house sits on a 7 acre lot on the sebastic river in maine there is no eminent domaine … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
My grandparents had to sell their commerical building due ...
My grandparents had to sell their commerical building due to eminent domain. They have gone to do their taxes and owe close to $300,000 to the IRS and the state. Do they not receive a lower tax rate d… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
i have a friend whose vacation home is being affected by a ...
i have a friend whose vacation home is being affected by a state road project, said home will be taken by eminent domain either by amicable settlement or condemnation. They are concerned about capital… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I had to sell some land because the Highway Department was ...
I had to sell some land because the Highway Department was going to take it by Eminent Domain. I accepted their offered price. How do I report these proceeds on my 1040? I can itemize. I live in Texas… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
The state took a small corner of our land by eminent domain ...
The state took a small corner of our land by eminent domain for a highway improvement project. We were paid $2,700, which was reported to us on a form 1099-S. Is this considered capital gain? If so, d… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,760 satisfied customers
Please send me the tax law regarding eminent domain. We ...
Please send me the tax law regarding eminent domain. We are purchasing a property to rplace the one that was taken by the city. We were compensated for $1.300,000. The new proerty is 1,500,000. We wer… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
How can I avoid paying capital gains tax on an inheritance
I am selling land in Prince Frederick, Maryland for a substantial amount this year. I inherited the land 1999. Did not know this at the time- long story. I have no idea what the cost basis for the lan… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,760 satisfied customers
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