Seismic Damages

[gman]

Taxpayer recieved payments for seismigraph run across farm land. Would seismic
damages be taxable income or reduction in basis?

[Bird Legs]

Seismic Damage

I vote for reduction of basis.
Have been know for having my votes discarded before.

[Jiggers]

Seismic Damages

Income. Where on the return? Depends what is being damaged.

Grazing land for livestock, goes to schedule F.

I had one that received large amount of damages to large oak trees. I put on Schedule D as the trees had no basis. Long term capital gain.