MichaelL1,
We received a 1099 Misc for 2019 from pipeline company for an easement across our property. We are not selling the property at present. I understand the easement payment is not income, and would instead be subtracted from the basis of the property if we sell.
In your to Bob28 in June of last year you said: "If this is the case, the payment is reported in the Investment section and the cost would be the same as the income, ie, no gain or loss."
I assume you meant he enters the 1099-Misc data only when he sells the property?
Do I enter nothing on this year's taxes with regards to this 1099-Misc?
Thanks.
Nan3
