Property/Business: Farm land
Use: CRP (Schedule F) 1099G
Issue: Easement on Property Purchased by Power Company
2023: Paid Legal Fees for negotiating Easement Purchase Agreement, Agreement included purchase fee and reimbursement for legal fees.
2024: Received Purchase Payment (1099)
2024: Received Legal Fee Reimbursement (1099)
Questions:
How should the Legal Fees that were paid to the attorney in 2023 be claimed? Expense? or ?????
In 2024, how is the Received Purchase Payment (1099) to be reported?
In 2024, how is the Received Reimbursement (1099) to be reported?
