Help with a 1099

johns6 — Sun, 29 Sep 2019 18:24:55 GMT

For some stupid reason I deferred a pipeline easement payment to my two kids. Right of way agent says they do this quite often. They are either going to get a 1099misc. or 1099s. I ran a dummy return on my son's 2018 tax return and can't figure where to show it on a 1040. I wish there could return the money and then use my W9. Any help would be appreciated.

Re: Help with a 1099

Critter — Sun, 29 Sep 2019 18:33:38 GMT

1099-misc ... income reported in box 3 ...

You can report it as other income on the new Sch 1 line 21. Here's how to enter it in TurboTax.

Click the Federal Taxes tab ( Personal in the Home & Business version)
Click Wages & Income. (Personal income in the H & B version)
On the screen "Your 2017 Income Summary," scroll all the way down to the last section, "Less Common Income."
Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
The next screen asks, "Did you receive any other taxable income." Click Yes.
On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
On the next screen click Done.

1099-S ... trickier since they did now own the property ... did you file a gift tax return and change the title ? This will be reported on the form 8949.

Form 1099-S and Sale of a Second Home or Land

Your main home, or principle residence (also considered you tax home), has special treatment limiting taxes on a sale with a gain, or profit. However, second homes, vacation homes, or cabins and real estate are not included in those special tax treatments.

Vacation homes and land or real estate are considered investments. Enter the sale of land, vacation home, cabin or other second home in TurboTax by referring to Sale of a Vacation Home or Land.

Re: Help with a 1099

johns6 — Sun, 29 Sep 2019 21:00:44 GMT

Thanks Critter. It is still my property, and it is the 1099s scenerio that is worrisome.

topic Re: Help with a 1099 in Get your taxes done using TurboTax

Help with a 1099

Re: Help with a 1099

Re: Help with a 1099