Timber Sale

Forum|Forum|4 years ago
June 8, 2022
3 replies
27 views

I received a PT-283T Quarterly Summary of Timber Sold by Unit Price. The timber type was Fuelwood Chips - 909.14 tons - total received was $2,272.85. How do I report this on Turbo Tax and is it all taxable to me? Does the price I paid for my land factor into this in any way. This is the first time we have had timber cut. We bought our land in 1997 - we live here on it. Thanks, Nancy

Michele_H

Level 6

Hi @Nlubeck , you may get a 1099-S at the end of the year. This is to report the sale of the timber and you would claim this on your taxes. I am attaching a link to help you better understand the reporting of this on your taxes.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-income-timber-sale/L6o7qPrbA_US_en_US

Here is a website also that is recommended for a better understanding of the Timber tax.

https://www.timbertax.org/

Hope this helps!

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NlubeckAuthor

Level 2

If I do not receive a 1099-S at end of year, do I still have to report it?

Michele_H

Level 6

@Nlubeck , if it was sold in 2021 and you did not receive a 1099-S or a 1099-Misc, yes it still should be reported in the investment section. If you sold timber in 2022 then you would wait until year end for the documentation.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-investment-sales/L2kIsdhgU_US_en_US

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