topic We received a 4000.00 check from electric company to put in a new pole in our yard. Where do we enter this in turbo tax? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/we-received-a-4000-00-check-from-electric-company-to-put-in-a-new-pole-in-our-yard-where-do-we-enter/01/152521#M11967 Sat, 01 Jun 2019 08:27:05 GMT jkbrown919 2019-06-01T08:27:05Z We received a 4000.00 check from electric company to put in a new pole in our yard. Where do we enter this in turbo tax? https://ttlc.intuit.com/community/retirement/discussion/we-received-a-4000-00-check-from-electric-company-to-put-in-a-new-pole-in-our-yard-where-do-we-enter/01/152521#M11967 Sat, 01 Jun 2019 08:27:05 GMT https://ttlc.intuit.com/community/retirement/discussion/we-received-a-4000-00-check-from-electric-company-to-put-in-a-new-pole-in-our-yard-where-do-we-enter/01/152521#M11967 jkbrown919 2019-06-01T08:27:05Z You don't need to enter this on your return, or in TurboT... https://ttlc.intuit.com/community/retirement/discussion/you-don-t-need-to-enter-this-on-your-return-or-in-turbot/01/152524#M11968 <P> </P><P>You don't need to enter this on your return, or in TurboTax.&nbsp; Amounts received for granting easements aren't reported as income on your tax return.&nbsp; </P> <P>Rather, the payment lowers your basis in the property, and that only becomes important later, if and when you sell the land.&nbsp; The only time you report the payment as income is when the payment exceeds your basis in the property.&nbsp; </P> <P>Please see <B><I>"Easements"</I></B> on page 3 of <A rel="nofollow" href="https://www.irs.gov/pub/irs-pdf/p544.pdf" target="_blank">IRS Publication 544, Sales and Other Dispositions of Assets</A> for more information.&nbsp; (Note:&nbsp; This is the 2017 version of this publication; the new one hasn't been issued yet, but the relevant information is still valid.)&nbsp; </P> <BR /><BR /><BR /> Sat, 01 Jun 2019 08:27:07 GMT https://ttlc.intuit.com/community/retirement/discussion/you-don-t-need-to-enter-this-on-your-return-or-in-turbot/01/152524#M11968 JohnW15 2019-06-01T08:27:07Z
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topic We received a 4000.00 check from electric company to put in a new pole in our yard. Where do we enter this in turbo tax? in Retirement tax questions
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We received a 4000.00 check from electric company to put in a new pole in our yard. Where do we enter this in turbo tax?
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https://ttlc.intuit.com/community/retirement/discussion/we-received-a-4000-00-check-from-electric-company-to-put-in-a-new-pole-in-our-yard-where-do-we-enter/01/152521#M11967
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You don't need to enter this on your return, or in TurboT...
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<P> </P><P>You don't need to enter this on your return, or in TurboTax.&nbsp; Amounts received for granting easements aren't reported as income on your tax return.&nbsp; </P> <P>Rather, the payment lowers your basis in the property, and that only becomes important later, if and when you sell the land.&nbsp; The only time you report the payment as income is when the payment exceeds your basis in the property.&nbsp; </P> <P>Please see <B><I>"Easements"</I></B> on page 3 of <A rel="nofollow" href="https://www.irs.gov/pub/irs-pdf/p544.pdf" target="_blank">IRS Publication 544, Sales and Other Dispositions of Assets</A> for more information.&nbsp; (Note:&nbsp; This is the 2017 version of this publication; the new one hasn't been issued yet, but the relevant information is still valid.)&nbsp; </P> <BR /><BR /><BR />
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