reporting 1099-S for timber sale

[guideboat]

from the web...

You may get a 1099-S if you sold your home, a rental property, stock in a co-op or any other real estate, including land, permanent structures, or standing timber on your land.

Sale of your main home

If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:

1. Open or continue your return.
2. Type sale of home in the Search box.
3. Select the Jump to link in the search results.
4. Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.

[ColeenD3]

If this was not part of a timber farm, then enter it as an Investment.

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 per the IRS.

Regardless of which form you received, timber income is reported in the investment section. Follow these instructions. Don't enter the sale in the 1099-S or 1099-MISC section or you'll go down the wrong path.

On the Choose the type of investment you sold screen, you'll want to select Everything else, located at the bottom of the screen. For your cost basis, most people will enter a 0, but you could enter what you originally paid for the seedlings or saplings.

Tip: TurboTax doesn't support IRS Form T (Timber), but the good news is that 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." See the IRS instructions for Form T.

[sawgator]

These directions are useless..!! There is no  everything else..

[ColeenD3]

Try other investments.