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I need to file a 1099s but i didnt sell any estate i give a right a way easement to pipeline still have primary residence where do i file that amount

 
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PattiF
Expert Alumni

I need to file a 1099s but i didnt sell any estate i give a right a way easement to pipeline still have primary residence where do i file that amount

Generally, you do not report the income for granting an easement.  You reduce your cost basis in the property by the proceeds received 

 

Report the gross proceeds from the 1099-S, and then enter your cost basis as the proceeds (the same amount from the 1099-S). Then your taxable gain is 0.

 

But because you got a 1099-S, the IRS will be looking for it on your tax return. 

  • Enter the 1099-S proceeds as follows:
  • Go to Federal Taxes.
  • Wages and Income.
  • Investment Income.
  • Stocks, Mutual Funds, Bonds, Other.
  • Click on either Start or Update.
  • Answer NO to Did you get a 1099-B or a brokerage statement for these sales?
  • Choose 'Land' as the type of investment you sold.
  • Enter the remaining details for the sale of your property and continue through the onscreen questions until you get to the 'Enter Cost Information' screen
  • Click the attachment to enlarge and view

Remember to reduce the basis by the amount of the right-of-way payment only.  This basis will be used when you sell the property.

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