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Nathan White
Level 1
March 26, 2020
Question

Received a Form 1099-S ( Proceeds from Real Estate Transaction) for sale of perment easement. Where do I enter?

  • March 26, 2020
  • 2 replies
  • 23 views
Received a Form 1099-S ( Proceeds from Real Estate Transaction) for sale of perment easement. Where do I enter?
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2 replies

J
jeffrey1
Level 3
March 26, 2020

Report this transaction on Sch D.  If a primary residence you may be entitled to claim the Section 121 exclusion (500K Joint or 250K single)

 

IRonMaN
IRonMaN
Level 15
March 26, 2020

Why would you burn up that exclusion for an easement?

Slava Ukraini!
    BobKamman
    BobKamman
    Level 15
    March 26, 2020

    Reduce the basis of the property in the amount of the easement.  If payment exceeds basis, you have a gain.  There is no IRS form for showing this accurately, so to play "Trick the Computer," put it on Schedule D with the cost equal to the payment amount.  

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