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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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1099-S
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jerrrystax
Level 1
09-24-2024
06:29 PM
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How do I report form 1099-S? My client received this form relating to the municapality "purchasing" an easement. Everything that I have found about this form relates to the sale of the house. This is just for an easement
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2 Comments 2
BobKamman
Level 15
09-24-2024
07:26 PM
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The proceeds just reduce the basis of the property, so nothing needs to be reported unless they exceed the basis. But IRS might be looking for something anyway. I would report it on Schedule D, with the basis being the same as the proceeds, and attach a statement explaining the basis of the property before and after the easement was sold. No one at IRS will read the statement but it will be useful to the taxpayer and future preparers, if they remember what happened.
