Question

How does reforestation get claimed for a business expense? If it exceeds 10K it needs to be amortized. I cannot see how to do this????

Forum|Forum|6 years ago
June 6, 2019
2 replies
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TurboTax Self Employed Online

Employee

You elect to deduct qualifying reforestation costs by claiming the deduction on your timely filed income tax return for the tax year the expenses were paid or incurred. Report this activity on Form T (Timber), Forest Activities Schedule, under Part IV.

Unfortunately, TurboTax does not support Form T (Timber).

You may obtain a copy here: About Form T (Timber), Forest Activities Schedule

Complete the form and attach it to your return You will need to print, sign, and mail your return (How Do I File By Mail in TurboTax Online?).

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F

facula72113Author

I do not need Form T. I do need to amortize the amount over the allowed $10K for reforestation. How do I do this via expenses on turbotax. Needs to go on Form 4562

P

pdclardy

How does reforestation get claimed for a business expense? If the expenses are less then 10K cannot see how to do this????

M

mglauner

In the Business Expenses section, enter this under Assets/Depreciation as an Intangible Other Asset and elect amortization.

Type 'Schedule C' in the Search area, then click on 'Jump to schedule c' to get to the Business section. EDIT your business to add Income/Expenses.

Click this link for more info on How to Enter Business Expenses.