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My wife and I own a rental farm. In 2021the county took a few acres of our land to expand an irrigation canal. They paid us for the land, and have issued a 1099-S to us.  Do we need to report that income? and if so how do we report it?

 

Thanks!!!

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MinhT1
Employee Tax Expert

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Please follow the instructions in this Community answer by HelenaC.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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MinhT1
Employee Tax Expert

Public Domain

Please follow the instructions in this Community answer by HelenaC.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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