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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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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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0 Cheers
3 Replies 3
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Level 1

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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Level 15

Why would you burn up that exclusion for an easement?

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 11

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.