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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K-1 loss increased my amended 1040 tax return from the original. Why?

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