topic 1099-misc Pipeline Easement in Get your taxes done using TurboTax

1099-misc Pipeline Easement

Ger-L — Sun, 29 Mar 2020 15:59:20 GMT

I entered figures from 1099-misc for Rents & Other Income for 2019 on Farm Rental Income. When I go out to forms - there is a 1099-misc with my entered figures. But these figures do not show up on Turbo Tax Schedule E and thus do not go to Schedule 1. How will I not be audited by the IRS for not entering my 1099-misc since that work form is not being sent to the IRS according to my print review.

Re: 1099-misc Pipeline Easement

KrisD15 — Sun, 29 Mar 2020 20:02:38 GMT

How did you enter the 1099-MISC?

In which box is the income reported?

Re: 1099-misc Pipeline Easement

Ger-L — Sun, 29 Mar 2020 22:33:18 GMT

I entered the 1099-misc under farm rental income when asked on editing if there was a 1099-misc.

Values were given on 1099-misc under 1 rents and 3 other income

Re: 1099-misc Pipeline Easement

JamesG1 — Sun, 29 Mar 2020 23:38:58 GMT

I am confused as to whether the 1099-Misc is reporting proceeds of a pipeline easement? There are no references to an easement in the conversation but the heading of the post refers to a pipeline easement.

If the 1099-Misc is reporting proceeds of a pipeline easement, it is possible that the proceeds reduce the cost basis of the land and there is no taxable event?

See this TurboTax Best answer.