Q. Does the reporting of this type of easement sale still hold true for 2024 taxes?
A. Yes. The money on the 1099-S is not taxable. You reduce your cost basis in you own records.
Because you got a 1099-S, you should report it. You can use the reversing entry technique described above.
I would do it differently. When you report the "sale" in TT, just use the 1099-S amount as your cost basis. That reports 0 capital gain.
