Timber Sale Agreement Forms

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Commonly Asked Questions about Timber Sale Agreement Forms

What is a timber sale contract?

A written timber sale agreement or contract is generally the preferable and safest method of selling timber. A written contract is a legally binding document that protects both the buyer and the seller (the landowner) from misunderstandings that may develop in the absence of such an agreement.

What is a stumpage agreement?

Stumpage is the price a private firm pays for the right to harvest timber from a given land base. It is paid to the current owner of the land. Historically, the price was determined on a basis of the number of trees harvested, or per stump.

How do I report timber sales on a 1099?

How to report sale of lumber using Ordinary Income: If you receive income from the sale of lumber, logs or other products produced by the timber itself then you report that income as Ordinary Income. It is also considered Ordinary Income if you sell non-timber forest products such as moss, ferns or medicinal products.

How to report timber sale on TurboTax?

How to enter Timber Sale Income For What type of investment did you sell? For Description enter Timber, For When did you receive this investment?, use the date you acquired the timber property. For cost basis, see Determining Timber Cost Basis | MU Extension or use another method that you can justify.

Where do I report timber royalties on 1040?

If you held the timber for more than one year before selling it you should report the total amount received for the timber on Form 1040, Schedule D, Part II, column (d). You may be able to recover your cost basis in the timber sold, also referred to as a depletion allowance.

How are timber royalties taxed?

The timber yield tax is a property tax based on the value of your standing timber. Other taxes, including sales tax and state and federal income tax, may apply to your operation.

What 1099 form do I use for timber sales?

Report on Form 1099-S payments of timber royalties made under a pay-as-cut contract, reportable under section 6050N. For more information, see Announcement 90-129, 1990-48 I.R.B.

How do you record a sale of timber?

How to report sale of lumber using Capital Gains- Schedule D: You may receive income by cutting timber and opting to treat that cutting as a sale, or by disposing of standing timber, which is known as stumpage. In this case the income is treated as a Capital Gain and is reported by the taxpayer on their Schedule D.