Nathan White
Level 1
03-26-2020
12:16 PM
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Received a Form 1099-S ( Proceeds from Real Estate Transaction) for sale of perment easement. Where do I enter?
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jeffrey1
Level 2
03-26-2020
12:23 PM
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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
Level 15
03-26-2020
12:41 PM
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Why would you burn up that exclusion for an easement?
Slava Ukraini!
BobKamman
Level 15
03-26-2020
01:13 PM
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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.
