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Can I use the tax appraisal value at the time land was gifted to my wife for the basis in a timber sale?
The land was gifted to my wife in 2004 and I have the appraised value of the timber My goal is to calculate the timber depletion allowance
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June 3, 2019
10:29 AM
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Deductions & credits
Yes, you can use the tax appraisal value at the time the land was gifted to your wife as the cost basis to calculate your timber depletion allowance.
June 3, 2019
10:29 AM