I received a small settlement along with my neighbors for loss-in-value on our properties. This is non-taxable income that lowers the basis of our property.
We each received a 1099-MISC that was the total amount of the settlement (not how much we individually received once it was divided).
Do I report this total amount and then back out to account for the amount individually received? Then back out again to account for the non-taxable income? Or can I just back the whole thing out all at once?
