I received a 1099S for Timber sale in 2021. The Payer has their TIN, closing Date, Gross Proceeds and my SS on the 1099S. My question is where should this be entered in Turbo Tax and can I deduct the original cost of seedling and planting?
YES ... did you check the link I sent ? Did you click on the blue link (see below) ? It will take you here :
If you received money from the sale of timber, you'll probably get a Form 1099-S. Some people will get a 1099-MISC, which is (technically) the wrong reporting form per the IRS.
Regardless of which form you received, timber income is reported in the investment section. Follow these instructions. Don't enter the sale in the 1099-S or 1099-MISC section or you'll go down the wrong path.
On the Choose the type of investment you sold screen, you'll want to select Everything else, located at the bottom of the screen. For your cost basis, most people will enter a 0, but you could enter what you originally paid for the seedlings or saplings.