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Updated almost 4 years ago,

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3
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Vanessa Allen
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3
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1033 exchange question

Vanessa Allen
Posted

After fighting a privately owned utility for 4 years, having condemnation filed against me, and countless other acts of harassment etc... I settled with the utility.  The land taken is a 50 foot wide NG easement across my personal 125 acre farm where I also live.  There will be no question if a 1033 is appropriate as I am 1 year into the court action against me.  I have several questions and will be grateful to anyone willing to help:

1. How do I count the "cost basis" that will not need to be reinvested?  When we bought the land, it was a blank slate, no utilities, no driveway. Since then, we have built our home and other structures.  The court appointed commissioners assigned the value at around $146K after factoring in depreciation on our home. It's a total of 2 acres of land. We were paid much more than the 146k.  We will not sell this property in our life time. 

2.  How long do I have to reinvest? 2 or 3 years?  The internet is full of conflicting info. and very little can be found about 1033s in general.

3.If we build a structure ( a pole barn) on the land, could we count that investment as part of the 1033 exchange? 

4. Any recommended CPAs in the Louisville Ky area?

We are mom-and-pop single family rental owners and have been for 15 plus years. We are hoping to avoid reinvesting as much as possible because the market here is CRAZY high right now. 

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