Can I subtract the cost basis of inherited property (1995) from the amount received from cut timber (2016)? Where would I notate cost basis on tax forms?
You'll need to sign in or create an account to connect with an expert.
No you cannot just use the basis of the land ... you did not sell the land.
https://timbertax.org/getstarted/basis/inherited/
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Wallaby
Level 1
cjaaby
New Member
TaxWander
Level 3
megsrocky84
New Member
debothomp10
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.