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I received a1099-S for easement for new power lines. Box 2 shows $21872.00 but the payment for land was only $10272.00. $11600 was for tree damage. How do I report this?
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The payment for land is treated as a sale --and as long as the cost of the land is more than the $10,272 to net profit is shown as $0 and the $10,272 will reduce the basis in the land.
To enter your Investments sold This is for the $10,272, so the Sales Price and Cost would be the same amount and gain would be $0
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button
The damage to the tree for $11,600 can be used to reduce the cost of the new landscaping cost for new trees etc. What is not spent is income.
Please see this detailed answer below if needed:
https://ttlc.intuit.com/replies/5793610
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