Proposed street may devalue real estate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: I own several acres of vacant land, zoned agricultural, which is valued at $145,000 per acre. Until about five years ago, I had many prospective development buyers. But then the city and county announced future plans to build a frontage road through my property. Now there is no interest in my land from buyers. But the city and county refuse to make a decision to buy or condemn my land. In the meantime, I have to pay property taxes and also pay for trash removal. Do I have any recourse under Internal Revenue Code 1033 for "involuntary conversion"? – Zoe H. DEAR ZOE: Internal Revenue Code 1033 applies to tax-deferral benefits for real estate owners who either have their property condemned by eminent domain or have their property seriously damaged, such as by fire or flood. Purchase Bob Bruss reports online. Your situation does not appear to qualify because the city and county are just considering a frontage road through your property. Until official action is taken, yo...