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Old 01-30-2010, 05:12 PM
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Eminent Domain Lawsuit Won, How will it be taxed

In 1995, The State of Florida filed a Petition in Eminent Domain to acquire 27 acres of land that my family and I inherited.

Now, 15 years later we have been awarded just compensation for the land. My personal share of the land was 3.33%, a dollar amount of $214,000 which included interest that the state paid from the time they seized the land to the time the judgment was made, I believe the interest paid was 11%.

How will this be taxed?
It is a long-term gain?
Do I only pay taxes on the amount awarded above the value of the property when I received it? If so, what if I do not know the value of the property at the time of inheritance?
Is there anything I can do with the money to make it non-taxable (such as buying a house)?

My only other income for the year is a ssi disability check I receive for 1,300 monthly. I am permanently disabled.

Please let me know.

Last edited by Bdowd625 : 01-30-2010 at 05:12 PM. Reason: Adjust layout

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