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
You'll need to sign in or create an account to connect with an expert.
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.
Here is a website also that is recommended for a better understanding of the Timber tax.
Hope this helps!
If I do not receive a 1099-S at end of year, do I still have to report it?
@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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
AugustRush1993
New Member
kritter-k
New Member
crdixonaz
New Member
Audio82
New Member
owlcreekla
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.