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Get your taxes done using TurboTax
You don't actually enter a 1099-S anywhere. You report the sale of property, which ends up reported on Schedule D.
Go to Investment Income in the Wages & Income section and choose Stocks, Crypto, Mutual Funds, Bonds, Other.
Choose Investment Type 'Other'. This is not taxable, you are just reporting because you received the 1099-S.
Report the amount of the Sales Proceeds and your Cost Basis as the same amounts (therefore, no taxable income).
You do reduce your Cost Basis in the land if you sell it later; i.e., if the land value is 10K and you received 2K for the easement payment, the land value is now 8K.
Here's more info on 1099-S for Sale of Land Easement.
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‎April 5, 2024
1:48 PM