A Quick Look At: The Eminent Domain Process
Losing your real estate due to condemnation stinks, and your attorney fought hard to win you the highest value possible. However, incurring a tax liability would only make things worse and your fight is not over. IRC Section 1033 exists to help taxpayers avoid paying taxes due to eminent domain. Tax implications of any exchange can be significant, and you should always consult a tax professional.
If you have any questions regarding the eminent domain process, or any other related matter please give Exclusive Financial Resources a call or schedule a 15-minute discussion here.
