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06-26-2005, 04:08 PM | #1 |
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Join Date: Jan 2005
Location: Florida (Sebring & Keys), Wolfeboro
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Eminent domain questions
As of last week, a person's real estate property can now be taken by a Town's "eminent domain" for commercial purposes.
I'm concerned that a development nearby -- with a politically well-connected developer -- may take my large waterfront lot (large for the neighborhood) for dock and marina space. (We're still renting it out seasonally). My questions: If the Town should take my property (and compensate me "appropriately") do I still owe capital-gains tax on it? (Since the decision to sell can't be made within the present "five-years-as-a-residence" consideration). Or, put another way: Is the Town's compensation treated as "ordinary income" under an eminent domain "taking"? Is New Hampshire one of those few states that doesn't permit eminent domain for commercial purposes? |
07-03-2005, 08:57 AM | #2 |
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Acres...Actually ,I was planning to build a restaurant on your property.Please try to be out by August 1st ,so I can start construction.I called Judge Souter and he said it was ok.
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07-03-2005, 09:44 AM | #3 |
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