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walt-gl
New Member

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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Leonard
Intuit Alumni

Can I use the tax appraisal value at the time land was gifted to my wife for the basis in a timber sale?

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.

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1 Reply
Leonard
Intuit Alumni

Can I use the tax appraisal value at the time land was gifted to my wife for the basis in a timber sale?

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.

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