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How do i report a1099s for Easement on my land from Atlantic…

How do i report...

How do i report a1099s for Easement on my land from Atlantic Coast Pipeline

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I received a 1099 S from Atlantic Coast Pipeline for gross proceeds of $20,048.44 for easement access on my land. how do I report this on my tax return for this year. I file profit or loss from farming

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3/12/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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Income you receive for granting easements or rights-of-way on your farm or ranch for flooding land, laying pipelines, constructing electric or telephone lines, etc., may result in income, a reduction in the basis of all or part of your farmland, or both.

Income you received for granting a temporary construction easement is rental income. Report the income as rent on Part I of Schedule E (Form 1040).

If you reserved the right to continue farming then do one of the following:

  1. If the payment is less than the basis properly allocated to the part of your land affected by the right-of-way, reduce the basis by the amount.
  2. If the payment is equal to or more than the basis of the affected part of your land, reduce the basis to zero and the rest, if any, is gain from a sale. The gain is reported on Form 4797 and is treated as section 1231 gain if you held the land for more than 1 year.

It depends on what the actual contract involved.

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Customer reply replied 4 months ago
can't open you text message email me your answer

When you scroll up here you can see the response. I cannot e-mail you. I can only respond in this thread.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 4 months ago
how do you know the basis of the affected part of your land

The basis is what you paid for the land plus improvements. If you reserved the right to still use then look to what that part was in cost and anything you made for improvements.

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