@AnnS7 Thank you. This was helpful for our tax situation this year. We received a 1099S for the sale of timber on some land we inherited. I have a follow up question I have not found elsewhere. On the turbo tax screen I need to report the sale proceeds, which aligns with box 2 (gross proceeds) on the 1099S. I do not know what the logger's profit was as it was deducted from the gross proceeds. How do I complete the "Costs or other basis" section in turbotax? Do I need to contact the logger for that information to complete it?
