No, the land purchase is immaterial since land does not depreciate.
Most likely, when you sell the timber, it will be a Capital Gain, so you might want to hold it for a year first.
Land does not depreciate, but you might be able to claim "Depletion" against the income from the timber you sell.
What you paid for the property and the depletion for the timber MAY be a factor if the land is later inherited and sold.
The basis would be stepped-up unless it is sold later at a loss.
Here is more information.
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