Is there information available regarding new rules for lump sum timber sales requiring 1099 reporting?
“TD9450, requiring organizations to report lump sum timber sales on a form 1099, went into effect in May 2009. According to information posted on the Internal Revenue Service website, the purchaser of lump sum standing timber must report the transaction on a 1099-S as a real estate transaction and provide a copy of the 1099 to the seller. The intention was to create consistency between the reporting of sales of standing timber and pay-as-cut. Additional information on the new reporting obligation can be found on the IRS website (note that the information here was posted before the rules became official, but is still valid).
