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New Member
posted May 5, 2021 10:33:24 AM

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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1 Replies
Expert Alumni
May 5, 2021 3:51:02 PM

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