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We are an LLC sole proprietor. We have an extension on our
We are an LLC sole proprietor. We have an extension on our taxes and I am working on them. We are a logging company. We buy timber, harvest it, and haul it to mills. When we buy timber, we by on a per… read more
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Over 25 years ago taxpayer bought 50 acres of property which
Over 25 years ago taxpayer bought 50 acres of property which included both tillable farm land and standing timber. An appraisal detailing the value of the land and timber separately was not done at th… read more
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I SOLD TIMBER FOR $46,000 0N PR0PERTY IN CONSERVATION. IHAD
I SOLD TIMBER FOR $46,000 0N PR0PERTY IN CONSERVATION. IHAD TO SELL THE TIMBER AFTER SO MANY YEARS TO THIN IT OUT. DOI HAVE TO INCLUDE THE AMOUNT AS OTHER INCOME ON MY 1040 FORM? … read more
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My husband and I have owned a farm for 15 yrs. In 2016 we
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My taxpayer purchased 5 acres of land in 1963 for $1200. The
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I have a 1099-S for the sale of Timber. I am putting in on
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Purchased a 360 acre farm with approximately 27.5 acres of
Purchased a 360 acre farm with approximately 27.5 acres of mature producing pecan trees. Roughly 430 trees. IRS allows for depreciation of these trees but need an idea as how to establish the basis. T… read more
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My Farm was flooded by Miss. river in 2008. My losses ...
My Farm was flooded by Miss. river in 2008. My losses included trees that we 7 and 8 year old hard woods, replacement cost for a 7 year old hard wood is $125.00. Is this amount deductable ????… read more
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For Tax purposes I need to know if The Sudden Oak Death that was found on my Timber of my Property is considered to be filed as Casualty or Catastrophic. From my research this diease is a quick produc… read more
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