Logging income

[JenMO]

Timber property is purchased in April 2015, logs are cut off in November 2015. will the proceeds be LT? trees have been there for years but land hasn't been owned LT

[Snaggletooth]

Short Term

That's like buying stock issued in 1964 and holding it less than 12 months. Cannot be long-term even though the stock was issued in 1964.

Unless the land/timber was partially inherited, gain is short-term.

[Earl]

Timber

Remember if the purchase price was not just for timber but also the land on which the timber stood
the the cost/basis will be split possibly three ways, land, board feet of timber sold, board feet
of timber remaining if not clear cut.

[Gene V]

Also, see Publication 225, index timber

[TAX4US]

I have had timber experts use value of land without trees and value of land with trees and come up with a portion of the buy price for those trees. Might help. but if owner held st it is still short term.

[Lion]

http://timbertax.org/