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The local government in the city I live in approached me about purchasing land that I own to build a new city sewer line. Since the city government is purchasing and could possibly force me to sell(eminent domain), will I be required to pay capital gains.

Michael

adonis · Posted: Thu Aug 20, 2009 10:31 pm Post subject:

Welcome mkhowze,

If you sell off the property and gain profit from it, you would be responsible to pay the capital gains taxes. If there's no profit from the sale of the property, you do not need to worry about capital gains tax.

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