Solved: 1099 Misc flood damage monies -- how to enter so I am not paying taxes on the money as it is NOT income....rather cost to cure
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1099 Misc flood damage monies -- how to enter so I am not paying taxes on the money as it is NOT income....rather cost to cure

The 1099 Misc came from the county not an insurance company to pay for a replacement bridge because county changed my access road.   I know where 1099 Misc income gets entered but no place to explain or deduct out the cost to cure
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New Member

1099 Misc flood damage monies -- how to enter so I am not paying taxes on the money as it is NOT income....rather cost to cure

If the proceeds were given solely to compensate you for property damage,  that is not taxable income and you will enter the amount on line 21 of your return and then take it out as a negative to show the IRS. 

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New Member

1099 Misc flood damage monies -- how to enter so I am not paying taxes on the money as it is NOT income....rather cost to cure

If the proceeds were given solely to compensate you for property damage,  that is not taxable income and you will enter the amount on line 21 of your return and then take it out as a negative to show the IRS. 

View solution in original post

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