Question

Where do I add a 1099-S (proceeds from real estate transactions)?

Forum|Forum|6 years ago
June 6, 2019
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TurboTax Deluxe Online

Hi,

Where do I add a 1099-S (Proceeds from Real Estate Transactions) for Right of Way/Easement Right by the government acquiring only a small portion of the land along the border of a rental property for road construction in 2022?

E

ErnieS0

For instructions on reporting your easement payment see "1099-s Sale of Land Easement."

Type 1099-b in Search (magnifying glass) in the top right corner
Select Jump to 1099-b
On "Your investments and savings," select +Add investments
On "Let's Import your tax info, select Enter a different way
On "OK, lets start with one investment type," choose Other
On "Tell us more about this sale" enter "1099-S from xxx for Right of Way" or something similar
On "Now, enter one sale for 1099-s, chose Land (personal use) as the type and fill in the rest of the info

Tax Champ Carl says, assuming this is a "right of access easement":

So basically, you have to figure that portion of land the money was paid for. Then figure what percentage of your original purchase price of the property applies to that portion of land the perpetual easement payment was for. That will be your cost basis. If the money you were paid exceeds that cost basis (I'm sure it will) then you have a taxable gain. You'll only pay tax on the gain.

@Good3

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G

Good3

When I clicked on the link "For instructions on reporting your easement payment see" 1099-s Sale of Land Easement", it says THIS SITE CAN'T BE REACHED. Can you provide a functioning link?

Also, when I click "Jump to 1099-b" it take me to "Did you get a 1099-B or a Brokerage Statement for these sales? " which I did not get a 1099-B but I continue forward as suggested to see what TurboTax Premier says. It then wants me to enter "Bank or Brokerage Name" which I do not have. Can you provide other solutions? Thank you.