topic Re: logging in Get your taxes done using TurboTax

logging

AVIERO20 — Tue, 10 Mar 2026 07:00:56 GMT

We purchased property in Vermont in 1993. In 2000 we had a small timber harvest by a logger and received payment of $7,700. At tax time our then tax preparer established our “basis” in the land at $87,500 and found that we had no federal or state tax liability for 2000 from logging.

We again logged in 2005 and 2013 with total payment of $37,500 and again the tax preparer found no tax liability for either year.

We recently had a timber harvest in 2022 and received payment of $47,200 and with this latest amount our total logging payments amount to $92,400 so exceeding the “basis” of $87,500. We assume this will create some tax liability for 2022. Does it?

We plan on having TurboTax prepare our 2022 return.

Re: logging

OpeA1 — Wed, 16 Nov 2022 19:41:42 GMT

This forum for answer general tax related questions. Your questions are specific and involve a lot of calculations which, unfortunately, we cannot provide here.

May I suggest you speak to an accountant or a financial consultant. They will be better suited to help you by running all the numbers to better help you with your situation. Also consider using our Mint service.

Thank you!

Re: logging

Faith C — Wed, 16 Nov 2022 20:22:56 GMT

Thank you for asking and choosing TurboTax for your tax. We have a great tax calculator that may assist you regarding your tax for 2022 although it may not provide much detailed calculation on your case. However, it is still a great tool for your reference.