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Angie, Tax Preparer
Category: Tax
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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How to report a 1099-s on my 1040 it is damages

Customer Question

How to report a 1099-s on my 1040 it is damages for crops
JA: Thanks. Can you give me any more details about your issue?
Customer: A pipeline paid for damages on crops they destroyed to replace there line how and where do I put this on my 1040
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 6 months ago.
Category: Tax
Expert:  Angie replied 6 months ago.
This will be reported on the schedule D. You need to establish your basis in the crops first of all. This is the amount you had invested in it before it was destroyed. Once you have this number you report that as your basis, and the amount they paid you as what it sold for. If they paid you more than the basis, you will have to pay taxes on your "gain".
Expert:  Angie replied 6 months ago.
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