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    jsm1964's Avatar
    jsm1964 Posts: 1, Reputation: 1
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    #1

    Jan 29, 2014, 05:26 PM
    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)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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.
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