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What to do about underground gas line may come through my farm
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BigNorsk
Posted 4/14/2014 09:25 (#3815050 - in reply to #3814259)
Subject: RE: What to do about underground gas line may come through my farm



Rolla, ND		The reference to damages brings up that it was asked how to treat the income. You really should talk to an accountant.

Damages are not income but affect the basis in the land.

Otherwise, it's probably a long term capital gain and you pay taxes at long term rates.

But, there are enough twists and turns that it really is worth talking to an accountant about your situation.
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