Do I pay taxes on my award?
It depends. A condemnation is considered an involuntary conversion under the Internal Revenue Code and is treated differently from other sales of property. You will have a period of time to reinvest the proceeds and defer your tax obligation until a later date.
Every property owner should consult with their accountant and/or tax attorney about the tax consequences before agreeing to the sale of property to a condemning authority.
View our record of winning eminent domain cases in Arkansas.
KNOW YOUR RIGHTS
Find more information related to eminent domain law in Arkansas.