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I am using TurboTax Home & Business 2024. I want to report a small sale of logs from my property as a capital gain

I have done this in prior years on Turbotax. I don't seem to be able to do this on the 2024 version.

 

There does not appear to be any flexibility to do this.

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PatriciaV
Employee Tax Expert

I am using TurboTax Home & Business 2024. I want to report a small sale of logs from my property as a capital gain

To claim a capital gain on the sale of timber, you would enter this as an Investment Sale under Personal >> Personal Income >> Investment Income >> Stocks, Crypto, etc. Skip the import, choose Other investment type, and enter your details. You'll need to know your adjusted basis in the timber to offset the sales proceeds.

 

TurboTax creates a Form 1099-B worksheet (not an IRS form) that will show how the gain was calculated.

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