Depends on if the whole property is affected or just part. If the whole property is affected reduce the basis....if only a part is affected the gain is the difference between the payment the partnership got and the basis of the part of the property affected.
To enter your 1099-S into TurboTax, follow these instructions:
there's no link to a 1099S....entering 1099S in the box is useless.
When you enter "1099-S" in the search box, you should see a "jump to" option that will bring up this screen: