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Updated almost 4 years ago on . Most recent reply presented by

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Allen Jones
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8
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Capitol Gain question

Allen Jones
Posted

I bought a property a couple of years ago for $125,000. The state purchased part of the land the home is on for $135,000 to build a new road, however I still have the house. How would my capitol gains work in this situation. My thought is the capitol gain would be $10,000 this year and whenever I sold the home the entire sale price would be a capitol gain at that time. Is this correct? Thanks, Allen.

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