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Level 1

I granted a temporary right of way to the county for road upgrades in front of my house. They paid me $300 and sent a 1099-S. Where do I enter this form?

The right of way will revert back to me next year after the road upgrades, so this isn't a property sale.

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Level 7

I granted a temporary right of way to the county for road upgrades in front of my house. They paid me $300 and sent a 1099-S. Where do I enter this form?

I know it is not a sale, but that is still how it shows for tax purposes.  Due to the property cost being higher than the $300 you got for the right of way, you show it a sale for $300 and the cost for the same $300 on the tax return.

The net tax impact is $0 and the cost (or basis) of the property you own is reduced by $300.  

To enter your 1099S for the right away sold

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

Please see the answer to a very similar question like this I answered earlier.

https://ttlc.intuit.com/questions/3620922

View solution in original post

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Level 7

I granted a temporary right of way to the county for road upgrades in front of my house. They paid me $300 and sent a 1099-S. Where do I enter this form?

I know it is not a sale, but that is still how it shows for tax purposes.  Due to the property cost being higher than the $300 you got for the right of way, you show it a sale for $300 and the cost for the same $300 on the tax return.

The net tax impact is $0 and the cost (or basis) of the property you own is reduced by $300.  

To enter your 1099S for the right away sold

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

Please see the answer to a very similar question like this I answered earlier.

https://ttlc.intuit.com/questions/3620922

View solution in original post