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Reporting Compensation for Easements: 1099-S Requirements for Non-Cash Payments
March 27, 2024
Q. If we compensate a landowner for an easement longer than 30 years with something other than cash, would we still issue a 1099s? Let's say we purchased an appliance, or other material that is for his use, would we send a 1099S even if we don't intend to ever pay him cash? This would be a one time deal, we always pay with cash.
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…
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