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March 31, 2025
Question

MY 1099-S WAS NOT A SALE OF REAL ESTATE...ONLY A PAYMENT TO USE THE PROPERTY. HOW DO I LIST THIS 1099-S ON MY INCOME?

  • March 31, 2025
  • 2 replies
  • 0 views
My 1099-s was not a real estate property i sold...Only was paid for rental of use of the property on a one time basis..How do i list this income?

    2 replies

    March 31, 2025

    If the payment was to allow an easement to be installed, then report the 1099-S on schedule D with cost = to proceeds. The amount you got for the easement reduces your tax basis in the property. If it was for something else, I don't understand why a 1099-S would be issued. You would have to contact the issuer for an explanation. 

    LindaS5247
    March 31, 2025

    As Mike9241 mentions above, you can ask the issuer of the form about it if you believe it was issued in error.

     

    You can get to the screens in TurboTax for entering your Form 1099-S as follows:

    1. Click on the search icon in the upper right of your TurboTax screen.
    2. Enter "Form 1099-S" in the search bar
    3. Click on the link "Jump to Form 1099-S"
    4. Click on "Add Investment"
    5. Select "Skip Import"
    6. Click on the box "Other" the box will turn green and a checkmark will appear
    7. Answer the questions regarding your Form 1099-S
    8. If you are reporting an easement, you can report the Proceeds = Cost or other basis as mentioned above; this results in no gain.
    9. Answer all follow-up questions 

     

    Your TurboTax screens will look something like this:

     

     

     

     

     

     

     

    Click here for Where do I enter Form 1099-S?


    Click here for About Form 1099-S, Proceeds from Real Estate Transactions


     

     

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    April 3, 2025

    When I follow your steps it makes a 1099-B form.  Also, the desktop version of TurboTax does not have the search button that you show.

    April 3, 2025

    The search button I click on brings up the assistant but I cannot even type anything.