☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 9:10:09 PM

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.

0 3 428
1 Best answer
Level 15
Jun 4, 2019 9:10:13 PM

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%20for%20Woodland%20Owners.pdf

3 Replies
Level 15
Jun 4, 2019 9:10:11 PM

Were the trees there on 11/20/1993?

Level 15
Jun 4, 2019 9:10:12 PM

<a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/it">https://www.irs.gov/instructions/it</a>

Level 15
Jun 4, 2019 9:10:13 PM

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%20for%20Woodland%20Owners.pdf