PDA

View Full Version : We received a 1099S for some timber sales on our land


jsm1964
Jan 29, 2014, 05:26 PM
We received a 1099S for timber sales on land we own - where does this go on our taxes? How do we know if we owe taxes on it?

I went on IRS.GOV but am totally confused as to what I need to do and what additional forms I need to fill out.

The dollar amount in sales as noted on the 1099S is ~ $1,000

We live in Georgia (USA)

AtlantaTaxExpert
Jan 29, 2014, 07:19 PM
Form 1099-S is sued to report sales of capital assets.

You report the sale on Schedule D and Form 8949.