In the Home & Business version of TurboTax Desktop, you would enter the 1099-S from the timber sale using these steps:
- Click on the Wages & Income tab
- Next click on I'll choose what I work on
- Scroll down the screen until you come to the section Investment Income
- Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
- The first screen will ask if you sold any investments during the year, answer
- Did you get a 1099-B or a brokerage statement for these sales? Answer No
- Tell us about this sale, Click I'll enter one sale at a time
- The drop-down boxes can be filled out with the details of the timber sale
- Description - Timber parcel with general location or address
- Date sold - on 1099-S
- Date acquired - from your records
- Sale proceeds - on 1099-S
- Cost basis - initial purchase price plus expenses of the sale such as surveying, etc.
The timber sale will be recorded in your tax return. Here is more information from Timber Tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
