sale of logs from our property

[Oh2BNMT]

My husband cut around 15 trees from property we own and live on and took them to the log yard and sold them.  He collected around $8,000.  Do we have to claim that on income taxes and if so, how much?

[DawnC]

Yes.  If you received money from the sale of timber, you'll probably get a Form 1099-S. Some people will get a 1099-MISC, which is (technically) the wrong reporting form for timber per the IRS.

Money from a timber sale is reported as investment income. Follow these steps linked here.   For your cost basis, most people will enter 0, but you can enter what you originally paid for seedlings or saplings.