If you received money from the sale of timber, you'll probably get a Form 1099-S. Some people will get a 1099-MISC, which is (technically) the wrong reporting form per the IRS. You'll report this money as investment income. Go to the Investments and Savings section of Wages and Income, and follow the steps detailed in this help article. TurboTax doesn't support IRS Form T (Timber), but you probably don't need this form. You need to file Form T if you do any of the following: Claim a timber depletion deduction Sell cut products in a business [under section 631(a)] Sell standing timber held in a trade or business in a lump sum [under section 631(b)].See this USDA webpage for more information. Profit from the sale of logs, lumber, or other products you produce from your timber or pay someone else to produce for you does not qualify as capital gains. The revenues and expenses from such activities are reported on Schedule C or F as ordinary income. See IRS Instructions for Schedule F for more information.

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Where do I claim my 1099-s for forestry of my property? How do I claim it?

Forum|Forum|3 years ago
April 4, 2023
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MonikaK1

If you received money from the sale of timber, you'll probably get a Form 1099-S. Some people will get a 1099-MISC, which is (technically) the wrong reporting form per the IRS. You'll report this money as investment income. Go to the Investments and Savings section of Wages and Income, and follow the steps detailed in this help article.

TurboTax doesn't support IRS Form T (Timber), but you probably don't need this form. You need to file Form T if you do any of the following:

Claim a timber depletion deduction
Sell cut products in a business [under section 631(a)]
Sell standing timber held in a trade or business in a lump sum [under section 631(b)].

See this USDA webpage for more information.

Profit from the sale of logs, lumber, or other products you produce from your timber or pay someone else to produce for you does not qualify as capital gains. The revenues and expenses from such activities are reported on Schedule C or F as ordinary income. See IRS Instructions for Schedule F for more information.

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