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Question

Deeded a very small parcel of our property to CA Dept. of Transportation. Received 1099-Misc for small $ amount as (1 Rents), but was not a rental. Where/how to report?

Forum|Forum|3 years ago
March 11, 2023
1 reply
0 views

Shouldn't this amount be reported in box 3 Other Income? However, Turbo Tax instructs this option is not to be used for real estate.

TurboTax Premier Online

This is usually how an easement (not outright sale but right to use) is reported, if you are not sure look at your documents. Because you received a 1099-MISC, you can enter that as Farm/Rental income, then subtract it out as an expense. Mark it separate as a miscellaneous expense and title it "EASMENT REDUCED BASIS" so that it can be traced.