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Level 1

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I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?

Forum|Forum|7 years ago
June 2, 2019
1 reply
1 view

I plan on treating the timber land as “investment” property. I will sell timber occasionally, every 5 years or so, but will have operating/management expenses every year.

TurboTax Premier Windows

Best answer by Critter

If you have no income to report on the 2018 return then you have nothing to report on the 2018 income tax return.

Level 15

If you have no income to report on the 2018 return then you have nothing to report on the 2018 income tax return.

Level 15

The sale of timber is treated as a long term capital gain. Expenses occurred in a year with no sales are added to your cots basis and not reported until timber is sold.