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?
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.
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.
