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gayle59
New Member

Timber loss

I had hurricane damage to timber on my property which caused me to have to have it cut.  The sales from this was $40,000.  Will I have to report this as a capital gain?  Are there expenses or depreciation I can deduct? 

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‎May 5, 2021 10:33 AM
last updated ‎May 05, 2021 10:33 AM
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ThomasM125
Employee Tax Expert
Employee Tax Expert

Timber loss

The gain on sale will be capital gain income. You can deduct costs associated with the growing of the timber if any.

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‎May 5, 2021 3:51 PM
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