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    condemnation sale

    Power company cut trees on client's personal residence and reimbursed
    client for the value of the trees. Reported on 1099-S. Any other
    alternative except report as capital gain with no basis.

    Could this be done like a condemnation where the proceeds are not
    taxable but used to reduce the basis in remainder of property.

    Not sure it this could be done since there is no basis in the trees that
    have been with property for some 40 years.
    Last edited by Earl; 04-06-2015, 03:12 PM.

    #2
    Bump

    Moving this up. Would like to get some thoughts from others on how
    they would handle this. Please indicate if further information is needed
    to be able to answer the question.

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