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New Member
posted Feb 21, 2021 12:00:39 AM

What do I put for cutting and selling firewood?

O

0 2 2170
2 Replies
Level 2
Feb 21, 2021 12:41:36 AM

I think this publication can help you "Publication 225 Farmer's Tax Guide" because there are many details for the timber. A farmer, like other taxpayers, must keep records to prepare an accurate income tax return
and determine the correct amount of tax.

*) Form T (Timber)

*) Instructions for Form T (Timber)

*) Publication 225 Farmer's Tax Guide

 I wish you luck

 

 

Expert Alumni
Feb 21, 2021 9:32:31 AM

If I'm not mistaken, it doesn't sound like you're clearing timber.  It sounds like a simple retail process.  You will need TurboTax Self-Employed.

 

Go to the Self-Employed section of your return.

Create a business profile (Follow the Interview)

  1. Select Business Income
  2. General income
  3. Post Cash Receipts and the cash amount

You can now enter Expenses 

Things to consider.

  1. Use of your vehicle 
  2. Gas for chain saws
  3. Tools
  4. Other equipment
  5. Any licenses or related taxes that were paid
  6. Insurance.