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Robert Anderson1
Level 1

Cost Depletion for Timber Does Turbo prepare Form T? Can the T be efiled?

 
3 Replies
PattiF
Expert Alumni

Cost Depletion for Timber Does Turbo prepare Form T? Can the T be efiled?

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:

  • Form 1040NR U.S. Nonresident Alien Tax Return
  • Form 4970 Tax on Accumulation Distribution of Trusts
  • Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (CNMI)
  • Form 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations
  • Form 5713 International Boycott Report (and related forms)
  • Form 5884 Work Opportunity Credit
  • Form 6478 Alcohol and Cellulosic Biofuel Fuels Credit
  • Form 6765 Credit for Increasing Research Activities
  • Form 8082 Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR)
  • Form 8275 Disclosure Statement
  • Form 8275-R Regulation Disclosure Statement
  • Form 8594 Asset Acquisition Statement Under Section 1060
  • Form 8609-A Annual Statement for Low-Income Housing Credit
  • Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
  • Form 8689 Allocation of Individual Income Tax to the U.S. Virgin Islands
  • Form 8697 Interest Computation Under the Look-Back Method for Completed Long-Term Contracts
  • Form 8820 Orphan Drug Credit
  • Form 8826 Disabled Access Credit
  • Form 8828 Recapture of Federal Mortgage Subsidy
  • Form 8833 Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b)
  • Form 8835 Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • Form 8844 Empowerment Zone and Renewal Community Employment Credit
  • Form 8845 Indian Employment Credit
  • Form 8846 Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips
  • Form 8847 Credit for Contributions to Selected Community Development Corporations
  • Form 8861 Welfare to work credit (Only from partnerships/corp, etc)
  • Form 8864 Biodiesel and Renewable Diesel Fuels Credit
  • Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships
  • Form 8866 Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method
  • Form 8873 Extraterritorial Income Exclusion
  • Form 8874 New Markets Credit
  • Form 8882 Credit for Employer-Provided Child Care Facilities and Services
  • Form 8886 Reportable Transaction Disclosure Statement
  • Form 8896 Low Sulfur Diesel Fuel Production Credit
  • Form 8900 Qualified Railroad Track Maintenance Credit
  • Form 8903 Domestic Production Activities Deduction
  • Form 8906 Distilled Spirits Credit
  • Form 8907 Nonconventional Source Fuel Credit
  • Form 8908 Energy Efficient Home Credit
  • Form 8909 Energy Efficient Appliance Credit
  • Form 8912 Credit to Holders of Tax Credit Bonds
  • Form 8925 Report of Employer-Owned Life Insurance Contracts
  • Form 8931 Agricultural Chemicals Security Credit
  • Form 8932 Credit for Employer Differential Wage Payments
  • Form 8933 Carbon Dioxide Sequestration Credit
  • Form 970 Application to Use LIFO Inventory Method
  • Form T Timber Forest Activity Schedule
  • Form W-2GU Guam Wage and Tax Statement (Info Copy Only)

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

 

Louise Bell
Returning Member

Cost Depletion for Timber Does Turbo prepare Form T? Can the T be efiled?

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?

 

Cynthiad66
Expert Alumni

Cost Depletion for Timber Does Turbo prepare Form T? Can the T be efiled?

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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