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Reporting the Sale of a Pump for $1 to a Landowner on Form 1099
March 24, 2025
Q. We are a heavy civil construction company working on a job in Texas. We purchased a pump worth $200k and have arranged to sell it to a landowner for $1 once the job is complete. This arrangement is not a donation because we are compensating for damages related to the construction of a border wall that cuts off access to the landowner's water rights. The pump will remain with the landowner’s LLC. Do we need to report this transaction on a 1099? If so, which form should we use and for how…
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