I surrendered to the railroad an access easement for a railroad crossing they wanted to remove for value received. It was for about the cost to build a new road to the property. However, I have land adjoining it that I may just grant an easement across if I should decide to sell it independent of my original farm. How do I adjust the basis of the land for this partial sale e.g. part of the original access easement that ran with the land. I am pretty sure it is not taxable since it is less than my basis in the land. I still have the land so do not believe that the basis for the easement was the entire purchase price. If I get an appraiser to develop the value of the land with and without the easement and find that the amount received when costs of the lawyer and appraiser was less than the difference, can I take a loss or is the land basis just reduced by the amount of proceeds less those expenses. Which form on Turbo Tax do I show that?
