I have 10 acres of vacant land as a separate piece of property next to my home. The City expropriated a portion of the acres to build a sewage plant. I was paid the following:
$6,000 for the value of the land taken
$3,000 to cover landscaping to help obscure the sewage plant from the view of our home
$9,000 to cover the loss in value to the remaining acreage.
What portion of these proceeds are subject to income tax and how do I enter on Turbo Tax?
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