A method for estimating a property of an earth formation penetrated by a borehole (102, 202), the method comprising: conveying a carrier (104, 304, 404) through a borehole (102, 202), the carrier (104, 304, 404) having a transmitter (222, 422), a first receiver (224, 324, 424a, 424b), and a second receiver (224, 324, 424a, 424b), the first receiver (224, 324, 424a, 424b) being positioned at a first distance from the transmitter (222, 422) and the second receiver (224, 324, 424a, 424b) being positioned at a second distance from the transmitter (222, 422); generating a transient electromagnetic field with the transmitter (222, 422); obtaining a total signal from signals received by the first receiver (224, 324, 424a, 424b) and the second receiver (224, 324, 424a, 424b); characterized by the method further comprising: measuring a pipe signal, wherein the pipe signal is a signal generated by a magnetic field induced in a conductive portion of the carrier; applying a correction scheme to the total signal to generate a corrected formation property signal, wherein the correction scheme is V corr = V meas - P * V meas, wherein V corr is a correction signal, V meas is the total signal, P is the pipe signal, and * represents the convolution of the signals on which it operates; estimating a formation property from corrected formation property signal to select a model of the formation; and adjusting a drilling operation based on the estimated property of the formation. conveying a carrier (104, 304, 404) through a borehole (102, 202), the carrier (104, 304, 404) having a transmitter (222, 422), a first receiver (224, 324, 424a, 424b), and a second receiver (224, 324, 424a, 424b), the first receiver (224, 324, 424a, 424b) being positioned at a first distance from the transmitter (222, 422) and the second receiver (224, 324, 424a, 424b) being positioned at a second distance from the transmitter (222, 422); generating a transient electromagnetic field with the transmitter (222, 422); obtaining a total signal from signals received by the first receiver (224, 324, 424a, 424b) and the second receiver (224, 324, 424a, 424b); characterized by the method further comprising: measuring a pipe signal, wherein the pipe signal is a signal generated by a magnetic field induced in a conductive portion of the carrier; applying a correction scheme to the total signal to generate a corrected formation property signal, wherein the correction scheme is V corr = V meas - P * V meas, wherein V corr is a correction signal, V meas is the total signal, P is the pipe signal, and * represents the convolution of the signals on which it operates; estimating a formation property from corrected formation property signal to select a model of the formation; and adjusting a drilling operation based on the estimated property of the formation. measuring a pipe signal, wherein the pipe signal is a signal generated by a magnetic field induced in a conductive portion of the carrier; applying a correction scheme to the total signal to generate a corrected formation property signal, wherein the correction scheme is V corr = V meas - P * V meas, wherein V corr is a correction signal, V meas is the total signal, P is the pipe signal, and * represents the convolution of the signals on which it operates; estimating a formation property from corrected formation property signal to select a model of the formation; and adjusting a drilling operation based on the estimated property of the formation.