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WILL I HAVE TO PAY INCOME TAX <br />ON MY SALE TO THE STATE? <br />The sale of property for public purpose falls <br />under the Internal Revenue Service's (IRS) <br />classification of "involuntary conversion." It <br />may not be necessary to pay an income or <br />capital gains tax, depending on how and <br />when you reinvest profits from the sale. <br />Payment for damages for property taken <br />during acquisition may not be taxable. <br />These items are explained in IRS <br />publication number 549. We suggest you <br />contact the nearest IRS office to discuss your <br />case. <br />WHERE CAN I GO <br />WITH QUESTIONS? <br />The acquisition representative is your <br />nearest and best source of information. <br />During the negotiation process they are. <br />usually in the area. <br />You can also write the Land Acquisition <br />Division, IDOH, State Office Building, 100 <br />N. Senate, Indianapolis, IN, 46204-2249. The <br />phone number is 317/232-5050. <br />WHAT IS EARLY ACQUISITION? <br />In hardship cases the opportunity exists for <br />early acquisition of a landowner's property. <br />Any request must be submitted in writing to <br />the Chief, Division of Land Acquisition. For <br />further information on this subject contact <br />your acquisition representative. <br />WILL I RECEIVE RELOCATION <br />ASSISTANCE AND MOVING <br />REIMBURSEMENT? <br />Moving payments for families and <br />businesses who have to relocate are provided. <br />The state furnishes relocation assistance. In <br />certain instances, owner and tenant <br />occupants may be entitled to a replacement <br />housing payment. <br />No resident will be required to relocate <br />unless safe and habitable housing, suiting <br />their needs and within means, can be located. <br />Further information regarding these topics <br />is furnished to all owners and tenants prior <br />to negotiations. Relocation representatives <br />will later meet personally with the occupants <br />to assist with their relocation programs and <br />to offer relocation entitlements. <br />Notes <br />-6- -7- <br />