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Received a Form 1099-S ( Proceeds from Real Estate Transaction) for sale of perment easement. Where do I enter?

Nathan White
Level 1
Received a Form 1099-S ( Proceeds from Real Estate Transaction) for sale of perment easement. Where do I enter?
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3 Comments 3
jeffrey1
Level 2

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)

 

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IRonMaN
Level 15

Why would you burn up that exclusion for an easement?


Slava Ukraini!
BobKamman
Level 15

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.