Do I pay taxes on my award?

September 12, 2009

Because a condemnation is considered an involuntary conversion, it is treated differently from voluntary sales. You will have a period of time to reinvest the condemnation proceeds and defer your tax obligation until a later date.

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The taking of my property will hurt my business. Under what circumstances am I entitled to compensation for damage to my business?

September 12, 2009

Florida has a business damage statute which allows an owner of a business to recover compensation for business damages if part of his property is condemned.
In order to qualify under this statute, however, the business owner must meet four tests.
1. The condemnation must be undertaken by a public body, rather than a public utility. For [...]

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