Get your taxes done using TurboTax

Timber sales are reported on Schedule D and in TurboTax it will be reported as noted with the following changes. This actually starts with step 7, where you began having difficulty.

1. The first screen will ask if you sold any investments during the current tax year (This includes any asset held as an investment property so answer “yes” to this question)
2. If you are using the online version - there will be a box to select Other (see image below) Do not select the Stocks, Bonds, Mutual funds box.
3. Since you did not receive a 1099-B, answer “no” to the 1099-B question - not in Online version
4. Choose type of investment you sold - select 'Other" see image below
5. Some basic information:
   1. Description –  Usually the address of the property sold - Timber
   2. Date of Purchase
   3. Sales Proceeds – Your net proceeds from the sale 
   4. Date Sold – Date you sold the property 
   5. Cost - if timber was purchased on property with your main home and the price was not separately stated this will be zero.
   6. Continue to finish your sale.