Solved
Their link suggests "If you received money from the sale of timber, you'll probably get a Form 1099-S." But I didn't, and I'm not going to. Clicked on help to talk to a person. The web site offered that I could upgrade and talk to a person, but the web site is broken. It just shows a blank page. How do I report a timber sale with no form? How do I tell Intuit their web site is broken, please fix it?
Do not try to find a 1099-S entry point. The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Answer no when asked if you got a 1099-B.
Cost basis for timber is usually zero. Timber basis is not the cost of the property.
For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
TT FAQ timber https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-from-a-timber-sale/00/26620
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