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No, Form T, Timber Forest Activity Schedule is not included in the TurboTax Programs.
Here is a list of forms that are not included:
TurboTax Free through Self-Employed/Home & Business will handle the most common IRS tax forms for individual (personal) tax filers.
Because few taxpayers need the following IRS forms, TurboTax doesn't include:
Here is additional information on reporting your timber sale:
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.
Sale expenses include the costs of timber cruising and marking, sale advertising, and log scaling. Fees paid to consulting foresters, appraisers, attorneys, and other advisors directly related to sale activities also may be included.
Those expenses would be added to your cost to become part of your cost/basis and reduce your capital gain from the sale.
Click this link for further information about determining your basis TimberTax - Determine Your Basis
I sold timber because of drought and pine beetles. Was told to save 11,000 out for replanting. Replanting will not be done until 2021. Do I record all of the check I received?
Yes. Report the total proceeds from the sale. If you replant and later sell then you can reduce your basis by the cost to replant.
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