Compensation made to a property owner
Q. We are a municipality working on a project requires the acquistion and removal of a tree from a property, so we can install a new wall and fence, as part of the project. We are compensating the property owner for the loss of his tree. Is this 1099 reportable to the property owner?
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state…
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