Do I need to report relocation assistance money on my taxes? I turned my home over to the bank as a deed in lieu of foreclosure and received relocation assistance.

Yes, report relocation assistance money on your tax return (it is taxable). You may receive a 1099-MISC form for this payment. Either way, enter the income received as Other Income on line 21 of your 1040. 

In TurbTax under Income and expenses, select Miscellaneous Income, then Other Reportable Income. Type in the description and amount. Item will then flow to line 21 on your 1040.

How do you show relocation assistance from a 1099 misc on your 2019 tax return? Can you offset this income with expenses you incurred to relocate?

You can enter the information from your 1099-MISC for relocation assistance in the federal section of the program.

1. Select Income & Expenses
2. Scroll down to All Income
3. Select Less Common Income
4. Select Miscellaneous Income, 1099-A, 1099-C
5. Select Other Reportable Income
6. Proceed to enter your information

You will not be able to offset your relocation expenses as this deduction was removed as a tax deduction with the Tax Reform Act.