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Returning Member
posted Sep 29, 2019 11:24:55 AM

Help with a 1099

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.

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2 Replies
Level 15
Sep 29, 2019 11:33:38 AM

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.

  • Click the Federal Taxes tab ( Personal in the Home & Business version)
  • Click Wages & Income. (Personal income in the H & B version)
  • On the screen "Your 2017 Income Summary," scroll all the way down to the last section, "Less Common Income."
  • Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
  • On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
  • The next screen asks, "Did you receive any other taxable income." Click Yes.
  • On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
  • On the next screen click Done.

 

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.

 

 

 

 

 

Returning Member
Sep 29, 2019 11:37:36 AM

Thanks Critter. It is still my property, and it is the 1099s scenerio that is worrisome.