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New Member
posted Oct 30, 2019 3:16:44 AM

Can I claim expenses for wood sold from my small woodlot? If so, how do I enter the expenses.

I am not self-employed; only sell wood every few years.

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1 Best answer
Level 6
Oct 30, 2019 3:16:45 AM

Thank you for your question.

If you are wanting to claim the expenses, you would need to claim the income as self employed income and enter the expenses on the business statement. You would use your first and last name as the business name.

2 Replies
Level 6
Oct 30, 2019 3:16:45 AM

Thank you for your question.

If you are wanting to claim the expenses, you would need to claim the income as self employed income and enter the expenses on the business statement. You would use your first and last name as the business name.

Returning Member
Aug 19, 2021 3:35:01 AM

Self-employed taxpayers report their business income and expenses on Schedule C. 

Each year, sole proprietors have the chore of preparing and filing Schedule C with their 1040 to show the IRS whether their business had a taxable profit or a deductible loss. (For tax years before 2019, if your business expenses were $5,000 or less for the year, you may qualify to file the short form, Schedule C-EZ.) Schedule C can seem daunting, but filing will be easier if you plan ahead and keep good records.

More wood-related info

here

.