Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
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.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: 1099-S
1099-S
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jerrrystax
Level 1
09-24-2024
06:29 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
Labels
2 Comments 2
BobKamman
Level 15
09-24-2024
07:26 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
