1099-s Sale of Land Easement turbotax desktop help

Forum|Forum|2 years ago
February 25, 2024
1 reply
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Hello,

I followed the instructions as given in prior inquiries about this topic but can't seem to get the same windows as described. I go to the investment section and click on the "OTHER" box which is the 1099-S and then it asks me to enter the information on my 1099B. Is this a glitch or should I place my information in this screen? Also, if I do need to enter the information here then what should the date that I acquired the investment be? The date I purchased my home?

I have placed the screens I encounter when trying to enter the information.

Please help.

OK, let's start with one investment type

(We'll come back to add any other types later.)

Stocks, Bonds, Mutual Funds

(options, index funds, ETFs)

1099‑B, 3922, 3921

Cryptocurrency

(Bitcoin, Ethereum, Dogecoin)

1099‑B, 1099‑K, Gain/Loss Report, CSV Upload

Other

(land, second homes, personal items)

1099‑S

----------------------------------------------------------------------------------------------------------------------------

Now, enter one sale for ----

Your info should match your 1099‑B exactly. You can add any situations next.

What type of investment did you sell? Learn more

— Select —

Employee stock purchase plan (ESPP)Nonqualified stock options (NQSO)Incentive stock options (ISO)Restricted stock units (RSU)Restricted stock awards (RS)Stock (non-employee) Cryptocurrency Mutual fund, index fund, or ETFBondOptionsSecond homeland (personal use)Land (other investment purpose)Collectible Personal items Other

How did you receive this investment?

— Select —

I purchased it

I inherited it

I received it in a divorce settlement

I received it as a gift

Something else

Description :

1099-S sale of land easement

When did you receive this investment?

Something other than a date-

Date sold or disposed-

Proceeds-

Total amount paid-

TurboTax Home & Biz Windows

DianeW777

No, it's not a glitch. The Form 1099-S is not an actual form entry page.

First let's determine if the income is taxable. Next, if you decide it is taxable, this might be a 'right of way' payment. If so then you should follow the steps you have above and I will place them here as well with a few more details.

Grants or sales of limited easements are usually not treated as taxable sales of property. Instead, amounts received are subtracted from the cost basis/purchase price of the property. Any amounts received in excess of the cost basis are treated as taxable gain.
IRS Publication 544

If you no longer own the portion of land where you were granted an easement payment:

Search (upper right) > Type investment sales > Click the Jump to.. link >
Select Add investment or Review the one already started
If you select Add investment select Other (land, second homes, personal items) |1099‑S
Select Land as the type of investment > Select I purchased it > Type Easement in the Description
Continue to enter the date of purchase/acquired, date sold and Proceeds received
Your cost basis/amount paid for the land would be zero.
Continue until your entry is complete.