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jngpope
New Member

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?

2 Replies
Critter
Level 15

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/

Critter
Level 15

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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