1099-misc Pipeline Easement

Forum|Forum|6 years ago
March 29, 2020
1 reply
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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.

KrisD15

Level 15

How did you enter the 1099-MISC?

In which box is the income reported?

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Ger-LAuthor

Level 2

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

JamesG1

Level 15

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.

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