King Washington Form 1099-S Substitute Form 2017-2025

King Washington Form 1099-S Substitute Form: What You Should Know

Tax Forms and Publications A person selling or exchanging real estate should also file a TECH (Form 3100) with the Real Estate Transaction Account.  The TECH is a quarterly report made to the IRS about the sale or exchange of real estate. You can use Form 3100 to request the Real Estate Transaction Account. The tax information for timber products is not reported in these reports because it is not a “trade, business, profession or occupation.” Timber, timber products and timber futures are generally exempt from state, local, county or municipal excise taxes. Tax rates are applied on sales of real estate. Sales taxes on sales of timber are not due from the seller or on the actual value of the timber products sold, but on the fair market value on the date of the contract or sale. The purchaser receives an annual statement showing the sales and purchase prices of timber products. (You can get these reports online from Real Estate Council of Wisconsin. The TECH is not filed until the fourth quarter of each year and is not required to be filed with the TECH if the TECH is submitted with your sales tax return.) The annual statement will show the gross sales and purchase prices of timber products at the time of the statement. What are timber futures? Traditionally, timber futures were used to manage a timber crop. After buying the timber futures, the holder of the contract sells the timber after the crop has matured to a clearing organization. The clearing organization contracts with a cutting organization that will harvest the remaining logs. However, as of January 1, 2015, the clearing organizations will no longer purchase timber futures from timber companies, and clearing organizations will no longer cut any timber products at the point the contracts expire. When the contracts with the clearing organizations expire, the clearing organizations will no longer cut the timber products. The clearing organization will then contract with a timber companies; the timber companies will buy the timber products from the clearing organization, but will cut the timber products themselves to meet their own production needs. The clearing organization will then deduct those costs from its earnings which it uses to sell wood products. The clearing organization will not use the sales of timber products to purchase timber futures because the clearing organizations do not buy the timber contracts after the contracts expire. Instead, the contract with the clearing organizations expires and each clearing company contracts with a cutting organization to cut the timber.

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