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#1 |
Senior Member
Join Date: Jan 2005
Location: Florida (Sebring & Keys), Wolfeboro
Posts: 5,816
Thanks: 2,104
Thanked 750 Times in 537 Posts
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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? |
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#2 |
Senior Member
Join Date: Apr 2004
Location: Moultonborough
Posts: 2,852
Thanks: 329
Thanked 1,638 Times in 567 Posts
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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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#3 |
Senior Member
Join Date: Apr 2004
Posts: 1,325
Thanks: 5
Thanked 0 Times in 0 Posts
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