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Reporting a payment for an easement
June 26, 2024
Q. Does a payment to an individual for a real estate easement need to be reported? If so, which form would we report it on?
A.
(Answered by IOFM's third-party tax experts)
An easement with an ownership interest term greater than 30 years is 1099-S reportable when compensation meeting the $600 threshold is paid to the transferor. See Instructions for Form 1099-S (01/2022). An easement for a term less than 30 years is reportable as “rent” in box 1 of Form 1099-MISC (if meeting the $600…
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