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Level 1
posted Mar 10, 2020 10:49:56 AM

In Turbotax Business (used for a partnership), how do I account for a 1099-S received for monies paid for a pipeline easement?

0 5 728
5 Replies
Level 3
Mar 10, 2020 11:16:42 AM

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.

Expert Alumni
Mar 10, 2020 12:05:54 PM

To enter your 1099-S into TurboTax, follow these instructions:

  1. While in your TurboTax account,
  2. Select Search from the top right side of your screen,
  3. Enter 1099-S,
  4. Select Jump to 1099-S,
  5. Follow the on-screen prompts to complete this section.

Level 3
Mar 10, 2020 3:46:16 PM

there's no link to a 1099S....entering 1099S in the box is useless.

Expert Alumni
Mar 10, 2020 4:03:47 PM

When you enter "1099-S" in the search box, you should see a "jump to" option that will bring up this screen:

 

Level 1
Mar 11, 2020 6:59:01 AM

Thanks everyone!  I appreciate the help!