1099-reportability of payment for property damage

June 8, 2021


Q.¬†We are issuing a payment to a land owner due to an environmental spill. We are essentially making the payment to the property owners to accept Restrictions on a portion of their property, which will be a Deed notice and will run with the land in perpetuity: Potable wells cannot be installed; Workers disturbing soils will have to be notified of the potential to come in contact with contaminated soils; and, Any contaminated soil or groundwater that are removed will have to be handled…

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