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