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?
02341
2 Replies
Critter
Level 15
Jun 6, 2019 5:57:05 AM
No you cannot just use the basis of the land ... you did not sell the land.