We received no money as all costs were sent to contractors the that did all the work by our environmental engineering company. At https://www.law.cornell.edu/uscode/text/26/126 sect a 9 I read that:(a)General ruleGross income does not include the excludable portion of payments received under—... (9) Any program of a State, ... which payments are made to individuals primarily for the purpose of conserving soil, protecting or restoring the environment, improving forests, or providing a habitat for wildlife.
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The 1099 gross will have to be reported.
Deduct the environmental cleanup costs on the “Other Expenses” line of Schedule C, E, or F (Form 1040). If the schedule requires you to separately identify each expense included in “Other Expenses” write >>>>“Section 198 Election”<<<<[a must description] on the line next to the environmental cleanup costs.
The 1099 gross will have to be reported.
Deduct the environmental cleanup costs on the “Other Expenses” line of Schedule C, E, or F (Form 1040). If the schedule requires you to separately identify each expense included in “Other Expenses” write >>>>“Section 198 Election”<<<<[a must description] on the line next to the environmental cleanup costs.
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