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You would report it as a sale of property (land) under investment income. The steps below will report it on form 8949 and Schedule D.

As for the cost basis of the property, it depends. If the amount you received is close to what that part of the property would cost, then yes, you would be able to use that as the cost basis.  However, if you received $75,000 and your total property is work $100,000, you would need to do some math and make the cost basis make sense.  

You can use the square footage of your total property compared to the square footage of the easement and then allocate the percentage of the easement to the total cost of the land.  You can generally find your land value using your property tax records. 

Example.  Your total land value is $50,000 and the easement is 10% of your total property.  You would only claim $5,000 as your cost basis.  It is possible this is a taxable gain.

Also, when or if you do sell the house, you will need to deduct the amount you received for the easement from your cost basis.

You would enter the sale of the land by clicking the following:

1. Federal
2. Income
3. Show More next to Investment Income
4. Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
5. Select Other
6. Continue through and select land for the type of investment
7. Answer how you obtained it
8. You will need to enter the selling price, dates and the cost basis   

Note, your navigation sequence may be slightly different.  You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.