Solved: Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?
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Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?

Needs help in filing and computing tax for 2017 when I complete my returns for this year.
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Level 15

Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?

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

Reference:http://www.timbertax.org/developments/Federal%20Income%20Tax%20on%20Timber-%20A%20Quick%20Guide%20fo...

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3 Replies
Level 15

Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?

Were the trees there on 11/20/1993?
Level 15

Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?

Level 15

Inherited land on death of mom 11/20/93 FMV 15K. Sold trees 7/10/17 Proceeds $10,321. How do I file 1099 S data on TurboTax Premier platform?

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

Reference:http://www.timbertax.org/developments/Federal%20Income%20Tax%20on%20Timber-%20A%20Quick%20Guide%20fo...

View solution in original post

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