All Forum Posts by: Vanessa Allen
Vanessa Allen has started 1 posts and replied 3 times.
Post: 1033 exchange question
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The Condemnation action was from a public utility. I settled while the case was still pending in court, prior to the evidentiary hearing.
The utility has an easement on my land but I still retain ownership, it just limits my use. So, do I owe tax on this money/have to do a 1033 or no?
I have called more CPAs than I can count and met with a tax attorney last week who said he is familiar when I scheduled but only knew about 1031s when we got there!
Thanks so much for the responses!
Any further thoughts?
Post: 1033 exchange question
- Posts 3
- Votes 0
Anyone?
Post: 1033 exchange question
- Posts 3
- Votes 0
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.