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jngpope
New Member
posted
‎June 6, 2019 5:57 AM
last updated ‎June 06, 2019 5:57 AM

Inherited property in 1995, can I use cost basis for timber cut in 2016? Where would I include the cost basis?

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?

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Critter
Level 15
‎June 6, 2019 5:57 AM

Inherited property in 1995, can I use cost basis for timber cut in 2016? Where would I include the cost basis?

No you cannot just use the basis of the land ... you did not sell the land.

https://timbertax.org/getstarted/basis/inherited/

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Critter
Level 15
‎June 6, 2019 5:57 AM

Inherited property in 1995, can I use cost basis for timber cut in 2016? Where would I include the cost basis?

https://ttlc.intuit.com/replies/4790586

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