Timber sale

[THERRELL]

Client received a 1099s (proceeds from real estate transactions ) .the timber was on land inherited. How do i find the basis in timber?

[Burke]

It generally has to be determined in the number of board-feet at time of purchase.

[Roland Slugg]

"The National Timber Tax Website" has some nice articles that will probably help you. I suggest you look there.

[Snaggletooth]

Inherited Timber?

How long ago was the decedent's death? If very recent, there may not be any gain at all...

[Lion]

TimberTax.org

[Super Mom]

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.

[Lion]

What was his basis in the timber on the DOD? If it was not broken out, then probably zero.