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jerrrystax
Level 1
September 24, 2024
Question

1099-S

  • September 24, 2024
  • 2 replies
  • 2 views

How do I report form 1099-S? My client received this form relating to the municapality "purchasing" an easement. Everything that I have found about this form relates to the sale of the house. This is just for an easement

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2 replies

IRonMaN
IRonMaN
Level 15
September 24, 2024

A 1099S is generated from the sale of real estate.  Real estate can mean a house, a barn, an outhouse, or even just land which is what an easement is.  

Slava Ukraini!
    BobKamman
    BobKamman
    Level 15
    September 25, 2024

    The proceeds just reduce the basis of the property, so nothing needs to be reported unless they exceed the basis.  But IRS might be looking for something anyway.  I would report it on Schedule D, with the basis being the same as the proceeds, and attach a statement explaining the basis of the property before and after the easement was sold.  No one at IRS will read the statement but it will be useful to the taxpayer and future preparers, if they remember what happened.   

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