1099-reportability of payment for property damage

June 8, 2021

Share

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…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500