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I am getting paid money from property that I own for new roads in SC. Do I have to pay taxes on that money next year?

State acquired land from property that I own for a new road project; do I have to pay taxes on that money next tax year?

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You are required to pay tax for the money that you will get from the sale of your property. The IRS expects you to indicate all forms of income, which includes the sale of your land. Failure to indicate the money in the tax forms can be prosecuted in a court of law for a tax fraud.

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