1099G

[relssabpilihp]

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?

[MaryM428]

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

1. First enter your 1099-G taxable grant under Common Income
2. 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.

[relssabpilihp]

That worked. Thanks for the reply.