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Get your taxes done using TurboTax
@PattiF Thank you for the help with reporting timber sales. We inherited some land out of state from my in-laws and sold timber in 2021. One follow up question I'm hoping you can answer. My husband is the only one who received the 1099S for the timber sales, but he will split the sale proceeds with his two brothers who are equal inheritors. In the "Less Common Adjustments That Apply" section after reporting income, there is an option to "adjust the gain or loss if not all of the proceeds apply to me." That is our case, but since the brothers didn't receive 1099S forms, does this actually apply or should we be paying the tax on the gross proceeds and deducting that from what we distribute to the co-inheritors?
March 23, 2022
8:28 AM