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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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Answered in 7 minutes by:
3/13/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,694
Experience: Taxes, Immigration, Labor Relations
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I assume that is a permanent easement because it was reported on form 1099S.

By granting an easement - you are transferring a partial ownership on your property.

That transaction is reported as a sale.

You will need to allocate a part of your basis to that easement.

The sale transaction is reported on form 8949

https://www.irs.gov/pub/irs-pdf/f8949.pdf

If you owned the land more than a year - use Part II

check box (F) Long-term transactions not reported to you on Form 1099-B

Let me know if you need any help with reporting.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,694
Experience: Taxes, Immigration, Labor Relations
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