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debbi.riordan
Level 2
March 1, 2021
Solved

Client received a 1099S for "sale" of easement from DOT to place a new sound wall at edge of property. How do I report?

  • March 1, 2021
  • 1 reply
  • 17 views
I thought they were supposed to just adjust basis but due to 1099S what do we do?
This topic has been closed for replies.
Best answer by dkh

Report with the cost equal to the proceeds on 1099-S.... keep information so when/if client sells property they adjust basis by the cost applied towards the proceeds

1 reply

dkh
dkhAnswer
Level 15
March 3, 2021

Report with the cost equal to the proceeds on 1099-S.... keep information so when/if client sells property they adjust basis by the cost applied towards the proceeds

    D
    debbi.riordanAuthor
    Level 2
    March 3, 2021

    Thank you so much. They also received a 1099misc for “rents” which was for compensation while the project was being completed. How do I handle that portion? 

      dkh
      dkh
      Level 15
      March 3, 2021

      You're welcome.    I'd report the 1099-MISC on Schedule E 

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