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Level 2

Question

1099G

2 replies
24 views

I have a 1099G taxable grant box 6 for a Soil Conservation building I installed. How do I offset this income with my bills I have for the building? Is there a way to use exclusion like you do for Agriculture payments in box 7?

Level 11

Yes you can enter the expenses in TurboTax that were incurred for the building.

First enter your 1099-G taxable grant under Common Income
Then enter your expenses as a negative number under Less Common Income - Other Reportable Income. Enter the description (e.g. Land clearing costs), and a negative amount.

Grant income is generally taxable income. Taxable grant money is reported on Box 6 of a 1099-G.

relssabpilihpAuthor

Level 2

That worked. Thanks for the reply.