OK, thanks! I still have a question. The land with the standing timber was purchased in 2012 (for $100,000, which we paid off the approx $59K balance in 2016 after the sale, and we have a statement from our forestry consultant saying that the value of the timber at that time would have been $142, 490. In 2016, the standing timber was sold as a lump sum sale for $162,000. So, I've been told that I can take the $142, 490 off as the cost basis. I am confused about this and certainly do not want to do it incorrectly!
