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There is nowhere in TT to enter a 1099-S, except for the sale of your home. Enter at the 1099-B screen, instead .The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Cost basis for timber is usually zero. Timber basis is not the cost of the property. So, the 11/20/93 FMV of 15K is not relevant.
For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
There is nowhere in TT to enter a 1099-S, except for the sale of your home. Enter at the 1099-B screen, instead .The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Cost basis for timber is usually zero. Timber basis is not the cost of the property. So, the 11/20/93 FMV of 15K is not relevant.
For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
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