Question

Filing Form T for 2021, 2020, and 2019

Forum|Forum|3 years ago
March 21, 2023
2 replies
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I did not send my Form T for 2021, 2020, 2019. I did not have any sales, but I did record my expenses by QTP. Should I forward the Form T's now and should they be as an amended returns?

H

HelenC12

Please clarity. What Form T are you referring to, IRS Form T (Timber), NASDAQ Form T, or is this a state form? If this is a state form, which state?

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R

r41677040bAuthor

These are the Federal Form T (Timber).

J

JohnW152

It doesn't sound like it, based on what you describe.

You generally only need to file Form T (Timber), Forest Activities Schedule when a sale or deemed sale has occurred during a tax year.

According to Who Must File in the Instructions for Form T (Timber):

Complete and attach Form T to your income tax return only if you:

Claim a deduction for depletion of timber,
Elect under section 631(a) to treat the cutting of timber as a sale or exchange, or
Make an outright sale of timber under section 631(b).

There's also an exception:

You are not required to file Form T if you only have an occasional sale of timber (one or two sales every 3 or 4 years). However, you must maintain adequate records of these transactions and other timber-related activities during the year, as discussed in Recordkeeping, below. These transactions may be treated as an investment for tax purposes if your property is not held for use in a trade or business.

Please see the instructions above for more detail about Form T filing requirements.

Note, also, that TurboTax is unable to file a return that includes Form T. Please see the TurboTax Help article Which IRS forms are not included in TurboTax? for more information.