Client received a 1099s (proceeds from real estate transactions ) .the timber was on land inherited. How do i find the basis in timber?
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It generally has to be determined in the number of board-feet at time of purchase. -
"The National Timber Tax Website" has some nice articles that will probably help you. I suggest you look there.Roland Slugg
"I do what I can."Comment
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Inherited Timber?
How long ago was the decedent's death? If very recent, there may not be any gain at all...Comment
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TimberTax.orgComment
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I had a forester tell me to look at the value at time of inheritance or purchase and value now, difference is timber value. I know from thinking about it that cannot be entirely accurate, however, that is a guage if the timber sale is way under the difference, probably no gain.Comment
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What was his basis in the timber on the DOD? If it was not broken out, then probably zero.Comment
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