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Category: Tax
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in 2009 we had tornado damage to our farm resulting in down

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in 2009 we had tornado damage to our farm resulting in down timber. we started clean-up 2010 & sold some timber, we were told that we did not have to claim this money on our taxes. is this correct? if not, is this capital gaines or farm income? we are retired & in the past have only e-file. thanks cheryl allen waverly, tn XXX-XXX-XXXX.
Submitted: 6 years ago.
Category: Tax
Expert:  CGCPA replied 6 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.


Hi Cheryl,


You are required to report all income. Therefore the timber sales will be reportable on your return. It should be reported as farm income rather than as capital gains.

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