How do I find the cost basis (land and timber) in order to reduce capital gains tax on the timber on Quit Claim Deed property gifted to me in 2008?

[2018quitclaimdeed]

The property gifted was in family for 100 years+; no cost basis and no original acquiring date. Twenty of the forty acres were logged in 2018. Where do I find the FMV of the land and timber for 2008 when the land was gifted to me?

[Hal_Al · Accepted solution]

Cost basis for timber is usually zero, especially in  the situation you describe (was in family for 100 years+). Timber basis is not the cost of the property. For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf

[2018quitclaimdeed]

Thank you so much. I was thinking about the cost basis for the land as I may sell the land this year. Any thoughts?