If your 15.5 acres of woods is being held as Investment Property, you would report the sale of an asset as a capital gain. It doesn't sound like you are operating a business, so I would treat it like a "hobby" and report it as Miscellaneous Income on Schedule 1 of Form 1040. To enter in TurboTax:
If you received Form 1099-MISC, while in your return:
- Click on Search and Type "Other Income" in the search window, and hit "Enter"
- Click on "Jump to Other Income"
- If you received a Form 1099-MISC, enter the information from your form and click on Continue
- Enter a description such as "Hobby Income" and click on Continue
- On the screen with "Does one of these uncommon situations apply?", indicate "None of these apply"
- Answer "No..." to "Did the Hobby Income involve work that's like your main job?"
- Answer "I got it in 2022" when asked "How often did you get income for Hobby Income?"
- Answer "No, it didn't involve an intent to earn money."
If you did NOT receive Form 1099-MISC
- Click on Federal
- Click on Income & Expenses
- Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
- Click on "Show more"
- At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
- Other reportable income - click on Start, then answer Yes
- Give a description and enter amount of income from the Tree Removal
This amount will also be reported on line 8 of Schedule 1 (Form)
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