Timber sales are reported in the Investment Section of TurboTax. If you're using TurboTax Online, you'll need Premier or Self-employed.
To enter your Timber sales without a 1099-S or 1099-MISC form:
- Open (continue) your return in TurboTax.
- Select Pick up where I left off.
- In the search box, search for investment sales then select the Jump to investment sales.
- Answer Yes to the question Did you have investment income in 2022? (or Okay! to Time to kick off your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or + Add investments.
- On the Let's import our tax info screen, select Enter a different way.
- On the OK, let's start with one investment type screen, select Other (It doesn't matter that you don't have a 1099-S Form) then Continue.
- Enter the requested information and Continue.
- Ignore The info entered should match the 1099-B from your financial institution. In the 1st drop down menu, select Land (other investment purpose).
- Continue with the onscreen interview until complete.
For your cost basis, most people will enter a 0, but you could enter what you originally paid for the seedlings or saplings.
TurboTax doesn't support IRS Form T (Timber), but you probably don't need this form. According to the IRS, it's only needed ...when a sale or deemed sale under sections 631(a), 631(b), or other exchange has occurred during the tax year.
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