Client lost home, and mortgage co gave client $1000 for tax relocation assistance. (He called it moving expenses) I think it was money for turning over the keys instead of going thru eviction. Will this come as a 1099 misc or will it be included in the 1099 abandanment or cancellation of debt? Has anyone one seen this? We're going to wait a week or so and see what shows up.
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Could this possibly be what he received?
From Pub 521Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970
Do not include in income any moving expense payment you received under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. These payments are made to persons displaced from their homes, businesses, or farms by federal projects.
I really have no idea just throwing this out there.JG
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