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C
Chark2018
Employee
March 10, 2020
Question

In Turbotax Business (used for a partnership), how do I account for a 1099-S received for monies paid for a pipeline easement?

  • March 10, 2020
  • 3 replies
  • 0 views
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    3 replies

    H
    HPFMTax
    March 10, 2020

    Depends on if the whole property is affected or just part. If the whole property is affected reduce the basis....if only a part is affected the gain is the difference between the payment the partnership got and the basis of the part of the property affected.

    ReginaM
    ReginaM
    March 10, 2020

    To enter your 1099-S into TurboTax, follow these instructions:

    1. While in your TurboTax account,
    2. Select Search from the top right side of your screen,
    3. Enter 1099-S,
    4. Select Jump to 1099-S,
    5. Follow the on-screen prompts to complete this section.
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      H
      HPFMTax
      March 10, 2020

      there's no link to a 1099S....entering 1099S in the box is useless.

      T
      ThomasM125
      March 10, 2020

      When you enter "1099-S" in the search box, you should see a "jump to" option that will bring up this screen:

       

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
        C
        Chark2018Author
        Employee
        March 11, 2020

        Thanks everyone!  I appreciate the help!

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