Their link suggests "If you received money from the sale of timber, you'll probably get a Form 1099-S." But I didn't, and I'm not going to. Clicked on help to talk to a person. The web site offered that I could upgrade and talk to a person, but the web site is broken. It just shows a blank page. How do I report a timber sale with no form? How do I tell Intuit their web site is broken, please fix it?
Do not try to find a 1099-S entry point. The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Answer no when asked if you got a 1099-B.
Cost basis for timber is usually zero. Timber basis is not the cost of the property.
For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
TT FAQ timber https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-from-a-timber-sale/00/26620
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:
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.
Thank you for letting me know about, "upgrade to TT live, but that's broken".
Do not try to find a 1099-S entry point. The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Answer no when asked if you got a 1099-B.
Cost basis for timber is usually zero. Timber basis is not the cost of the property.
For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
TT FAQ timber https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-from-a-timber-sale/00/26620
My version of TT doesn't have "Jump to investment sales" after searching for investment sales. There's a description of selling a second home, nothing else.
You can enter this without using the Jump to tool.
The timber sale will be recorded in your tax return. Here is very useful information about determining your expenses and how to determine the cost basis for a timber sale. See Pages 3 to 11.