Ted's property was taken by the State of Virginia to build a highway overpass.He disputed the amount of the condemnation award he was to receive and ultimately collected an amount for the property plus $12,000 interest on the award.Ted can exclude from gross income the interest he received from the State of Virginia associated with the condemnation award.

Question

Quizplus · Accepted Answer

Interest received on a condemnation award is considered taxable income and cannot be excluded from gross income.

Ted's Property Was Taken by the State of Virginia to Build