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I had a timber sale from our property this year. The forester provided us with a basis value of the timber at the time we purchased the property. How do i present the basis to offset the income from the timber sale and also the expenses associated with

 
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I had a timber sale from our property this year. The forester provided us with a basis value of the timber at the time we purchased the property. How do i present the basis to offset the income from the timber sale and also the expenses associated with

You can enter the Timber Sale under Investments in the Income section.

 

Choose 'Stocks, Mutual Funds.. Other'.  Then choose 'everything else'

 

You did not receive a 1099-B.

 

Subtract expenses and enter 'Net Proceeds' and Date of Sale.  Keep documentation for amount of expenses you subtracted from Gross Proceeds

 

Then enter Cost Basis on the next screen, and Date you Purchased the property. 

 

Click this link for more info on Entering a Sale of Timber

 

 

 

 

 

 

 

 

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Expert Alumni

I had a timber sale from our property this year. The forester provided us with a basis value of the timber at the time we purchased the property. How do i present the basis to offset the income from the timber sale and also the expenses associated with

You can enter the Timber Sale under Investments in the Income section.

 

Choose 'Stocks, Mutual Funds.. Other'.  Then choose 'everything else'

 

You did not receive a 1099-B.

 

Subtract expenses and enter 'Net Proceeds' and Date of Sale.  Keep documentation for amount of expenses you subtracted from Gross Proceeds

 

Then enter Cost Basis on the next screen, and Date you Purchased the property. 

 

Click this link for more info on Entering a Sale of Timber

 

 

 

 

 

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post