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.
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.
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.