This is another new one. The TP sold timber in 2014. I have the total amount sold as well as a very professional looking letter from a forestry consultant showing the income less cost basis depletion, less sale expenses, less basis in residual timber making what this says as taxable income as 0. It also goes on to give a number for the basis in the timber leftover. I'm thinking, I should accept this and not show any income from this, the amount is not extremely high. Should it not be so easy for me?
-
-
I am thinking take the letter, that is all you need. But that just seems too easy. -
I guess I need to prepare a form T to show the sale and depletion?Comment
-
anyone experienced with timber sales that can help me with this one?Comment
-
giving this a bump up. sounds like a good letter that forestry dept did all the work that you would normally have done. but I'm no expert on timber, just a brief class many years ago.Comment
-
TimberTax.orgComment
-
ok, thanks!Comment
Comment