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State Taking Land & Personal Residence

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    #1

    State Taking Land & Personal Residence

    I posted earlier about the state taking a couple acres of road frontage. Well it does include personal residence. Would this qualify for 500,000.00 exclusion??

    Thanks again
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    #2
    See taxbook pages 6-20 and 6-21 for requiements of the adjacent land qualifying.

    If Section 121 does apply he would still have to sell his residence w/in 2 years. And if not in the same year as the sale of the land he would still have to claim the gain on the sale and go back and amend to apply Section 121 in the year he sells his residence
    http://www.viagrabelgiquefr.com/

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      #3
      Residence

      Is being taken with the land by the state.

      Personal residence and a couple of acres. will get 250,000.00 from state. could all be excluded under 121

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