Solved: I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?
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jmcpherson
New Member

I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?

I plan on treating the timber land as “investment” property. I will sell timber occasionally, every 5 years or so, but will have operating/management expenses every year.

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Critter
Level 15

I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?

If you have no income to report on the 2018 return then you have nothing to report on the 2018 income tax return. 

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2 Replies
Critter
Level 15

I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?

If you have no income to report on the 2018 return then you have nothing to report on the 2018 income tax return. 

View solution in original post

Hal_Al
Level 15

I inherited timber land last year, i sold no timber in 2018. Must I submit anything for 2018 or can I do it all in my 2019 return, when I will actually sell timber?

The sale of timber is treated as a long term capital gain. Expenses occurred in a year with no sales are added to your cots basis and not reported until timber is sold.
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