How do I enter a 1099-s for the sale of a land easement on a rental property in the Premiere edition of TurboTax?

The easement - Form 1099S: 

Generally, you do not report the income for granting an easement.  You reduce your cost basis in the property by the proceeds received 

Report the gross proceeds from the 1099-S, and then enter your cost basis as the proceeds (the same amount from the 1099-S). Then your taxable gain is 0.

But because you got a 1099-S, the IRS will be looking for it on your tax return. 

• Enter the 1099-S proceeds as follows:
• Go to Federal Taxes.
• Wages and Income.
• Investment Income.
• Stocks, Mutual Funds, Bonds, Other.
• Click on either Start or Update.
• Answer NO to Did you get a 1099-B or a brokerage statement for these sales?
• Choose 'Land' as the type of investment you sold.
• Enter the remaining details for the sale your property and continue through the onscreen questions until you get to the 'Enter Cost Information' screen. 
• Enter the amount you received as the cost basis

Remember to reduce the basis by the amount of the right-of-way payment only.  This basis will be used when you sell the property.