Timber Sales by Dairy Farmer

Forum|Forum|1 year ago
February 14, 2025
3 replies
13 views

HELP ! I thought it would be easy to enter this sale of Timber by my Dairy Farmer ( $12K ) on Sch D, but I don't see a way in the software, since it's not a 1099-B transaction. Then I thought of Form 4797 Part III, but there's no way to enter that, either !! I definitely don't want to enter on Sch F due to the SE tax, so what should I do?

ProSeries Professional

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Best answer by IRonMaN

You still use the schedule D worksheet but just check the appropriate box that it wasn’t reported on a 1098B

IRonMaNAnswer

Level 15

You still use the schedule D worksheet but just check the appropriate box that it wasn’t reported on a 1098B

Slava Ukraini!

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buelfarmAuthor

Level 5

Thanks! That was simple ...

BobKamman

Level 15

There's a Form T. I think I did one a long time ago. This page from TaxAct says they don't support it. Not sure if ProSeries does.

https://www.taxact.com/support/21155/2024/form-t-sale-of-timber-but-not-in-timber-business?

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buelfarmAuthor

Level 5

Yikes --> I didn't think there was still anything I had not heard of ... thanks for letting me know about "T"

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taxman1955

Level 3

I use Form 4797, Part I.

taxiowa

Level 8

Actually there is a 4797 enterable entry form just for purposes like this. If you enter correctly it will flow to Sch D. But taxman's method would also work. Schedule T is used if you established a standing board foot value when you bought land so you can take off cost against this sale. Since this a small sale I personally would not look into that, but remember next time a client buys farm ground with timber to get a value of standing timber at that time.

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buelfarmAuthor

Level 5

Thanks very much - good overview & good reminder on original value !!

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