Reportability of easement payment
August 4, 2019
Q. We are a public utility and are purchasing an easement on a family owned property. There are 6 family members and each will receive $250.00. I believe the de minimis amount of $600.00 for reporting on a 1099-S applies to the transaction as a whole and not separately for each family member. Is that correct? So that we should be sending out a 1099-S form to each family member who we paid $250.00 however in the gross proceeds we would list the total amount of $1500.00?
(Answered by COKALA…
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