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?

posted

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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How do I now claim an old 2013 Capital loss carryover maximum of $3000? Turbo Tax takes me back to last year's 2023 tax info stating I have no losses to use in 2024?

in Investors & landlords

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