topic Re: Taxable yes or no? in Other financial discussions https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/828829#M298 <P>why would you think it is not taxable?</P><P>&nbsp;</P><P>the sales price to the Conservatory, less the cost basis is profit and taxable</P><P>&nbsp;</P><P>the city compensation is straight up income.&nbsp;</P> Mon, 15 Jul 2019 22:11:55 GMT NCperson 2019-07-15T22:11:55Z Taxable yes or no? https://ttlc.intuit.com/community/other-financial-discussions/discussion/taxable-yes-or-no/01/827672#M295 <P>We live in Minnesota.&nbsp; In 1995 the city bought property from my father to construct a levee to satisfy the Army Corp of Engineers which split the property in 2 pieces.&nbsp; The city signed an Easement to build access which crosses the levee but never did it because my father passed away.&nbsp; The property was in the step mother's name until she deeded it over to me and my siblings.&nbsp; A conservancy is buying the property that we can not get to and the city is compensating us for breach of contract for providing the access road for over 20 years.&nbsp; Is this money we will be receiving taxable?</P> Sat, 13 Jul 2019 19:33:13 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/taxable-yes-or-no/01/827672#M295 Pat714 2019-07-13T19:33:13Z Re: Taxable yes or no? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/828829#M298 <P>why would you think it is not taxable?</P><P>&nbsp;</P><P>the sales price to the Conservatory, less the cost basis is profit and taxable</P><P>&nbsp;</P><P>the city compensation is straight up income.&nbsp;</P> Mon, 15 Jul 2019 22:11:55 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/828829#M298 NCperson 2019-07-15T22:11:55Z Re: Taxable yes or no? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/829009#M299 <P>I could argue as follows --- (a) the father's property &nbsp;was condemned/sold to the city for a sum plus &nbsp;some work on the part of the city to make the remainder property useful ( via an access corridor). &nbsp;His sales price and therefore &nbsp;the tax of gain included recognition of this contractual performance. Thus &nbsp;the transaction inits entirety was taxed. &nbsp;(b) &nbsp;the father died and the beneficiary ( mother &nbsp;) got a step-down &nbsp;to FMV; &nbsp; (c) the children took over the property through gift but could not use the property because city did not allow access -- thus their property essentially was not available to them &nbsp;i.e the whole property was un-useable -- their right to enjoy the property was &nbsp;constrained. &nbsp;Now when the city pays them &nbsp;for non-use of their property in-lieu of rectifying the defect, &nbsp;( for the harm they caused &nbsp;for years ), this is not income -- it is payback for sufferance. &nbsp;No ? &nbsp;Perhaps you need to see a lawyer . &nbsp;To &nbsp;me treating me this compensation &nbsp;( for damage ) as income would be harm on top of harm -- No ?</P> Tue, 16 Jul 2019 03:23:03 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/829009#M299 pk 2019-07-16T03:23:03Z
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topic Re: Taxable yes or no? in Other financial discussions
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<P>why would you think it is not taxable?</P><P>&nbsp;</P><P>the sales price to the Conservatory, less the cost basis is profit and taxable</P><P>&nbsp;</P><P>the city compensation is straight up income.&nbsp;</P>
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/taxable-yes-or-no/01/827672#M295
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<P>We live in Minnesota.&nbsp; In 1995 the city bought property from my father to construct a levee to satisfy the Army Corp of Engineers which split the property in 2 pieces.&nbsp; The city signed an Easement to build access which crosses the levee but never did it because my father passed away.&nbsp; The property was in the step mother's name until she deeded it over to me and my siblings.&nbsp; A conservancy is buying the property that we can not get to and the city is compensating us for breach of contract for providing the access road for over 20 years.&nbsp; Is this money we will be receiving taxable?</P>
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/828829#M298
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<P>why would you think it is not taxable?</P><P>&nbsp;</P><P>the sales price to the Conservatory, less the cost basis is profit and taxable</P><P>&nbsp;</P><P>the city compensation is straight up income.&nbsp;</P>
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-taxable-yes-or-no/01/829009#M299
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<P>I could argue as follows --- (a) the father's property &nbsp;was condemned/sold to the city for a sum plus &nbsp;some work on the part of the city to make the remainder property useful ( via an access corridor). &nbsp;His sales price and therefore &nbsp;the tax of gain included recognition of this contractual performance. Thus &nbsp;the transaction inits entirety was taxed. &nbsp;(b) &nbsp;the father died and the beneficiary ( mother &nbsp;) got a step-down &nbsp;to FMV; &nbsp; (c) the children took over the property through gift but could not use the property because city did not allow access -- thus their property essentially was not available to them &nbsp;i.e the whole property was un-useable -- their right to enjoy the property was &nbsp;constrained. &nbsp;Now when the city pays them &nbsp;for non-use of their property in-lieu of rectifying the defect, &nbsp;( for the harm they caused &nbsp;for years ), this is not income -- it is payback for sufferance. &nbsp;No ? &nbsp;Perhaps you need to see a lawyer . &nbsp;To &nbsp;me treating me this compensation &nbsp;( for damage ) as income would be harm on top of harm -- No ?</P>
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