Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   We received a 1099S for some timber sales on our land (https://www.askmehelpdesk.com/showthread.php?t=782928)

  • Jan 29, 2014, 05:26 PM
    jsm1964
    We received a 1099S for some timber sales on our land
    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)
  • Jan 29, 2014, 07:19 PM
    AtlantaTaxExpert
    Form 1099-S is sued to report sales of capital assets.

    You report the sale on Schedule D and Form 8949.

  • All times are GMT -7. The time now is 12:03 AM.