https://ttlc.intuit.com/replies/4790586
Alternatively, To
enter this transaction in TurboTax Online or Desktop, please follow these
steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Wages &
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose
what I work on”
- Scroll down the screen until
to come to the section “Investment Income”
- Choose “Stocks, Mutual Funds,
Bonds, Other” and select “start’ (or “update” is you have already worked
on this section)
- The first screen will ask if
you sold any investments during the current tax year (This includes any
asset held as an investment property so answer “yes” to this question)
- Since you did not receive a
1099-B, answer “no” to the 1099-B question
- Choose type of investment you
sold - select everything else
- Some basic information:
- Description –
Timber sale
- Sales Proceeds – Your net
proceeds from the sale
- Date Sold – Date you sold
the Timber
- Tell us how you acquired the
property - based on your situation
- Enter the your cost basis-
You may be able to recover your cost basis in the timber sold, also
referred to as a depletion allowance. Click this website for more
information about this topic http://www.timbertax.org
- Date acquired (Just
remember that the date acquired should be more than a year before the
date sold in order for the sale to get long term capital gains treatment
and the lower capital gains rate)
Click this link
for further information about reporting
the sale of a capital asset
