Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

How do I get cost basis for timber sold off of inherited…

How do I get cost...
How do I get cost basis for timber sold off of inherited land?
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 hours by:
3/15/2018
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 757
Experience: Tax attorney and accountant
Verified

The basis would be the fair market value at the time you inherited it:

https://timbertax.org/getstarted/basis/inherited/

Ask Your Own Tax Question

If you think I answered your question, then please accept my answer. Thank you.

Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 757
Experience: Tax attorney and accountant
Verified
Mark Anderson and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Mark Anderson Your Own Question
Mark Anderson
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 757
757 Satisfied Customers
Experience: Tax attorney and accountant

Mark Anderson is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
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
abci168
abci168
Principal
27 satisfied customers
How do I report Cost Basis on Timber cut. I am filing a
Hello: How do I report Cost Basis on Timber cut. I am filing a schedule D and 8949, but having a problem with cost basis. Do I figure land only, which was inherited 1986. Do I get the cost basis from … read more
abci168
abci168
Principal
27 satisfied customers
I sold timber in 2017 from land that I own. I received a
Hello. I sold timber in 2017 from land that I own. I received a 1099-S from the buyer, and I netted $120,000 after brokerage expenses on the sale of the timber. I was added to the property deed by my … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a very complex question and may be unable to present
I have a very complex question and may be unable to present it very clearly. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,129 satisfied customers
S-Corp owns a farm and receives farm rental income. Farm
S-Corp owns a farm and receives farm rental income. Farm also includes some acres of timber. What form does a S-Corp use to report the casual sale of standing timber and how is the cost basis determin… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I live in GA. We inherited 320 acres of land in MN in 1995.
I live in GA. We inherited 320 acres of land in MN in 1995. Tax appraisal was 36K. That timber was cut in 1979. We sold $10K worth of Timber in 2016. Since we inherited the land and timber after 17 ye… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,129 satisfied customers
I have sold farm land I inherited in 1967 and will be paying
I have sold farm land I inherited in 1967 and will be paying capital gains tax. Do I need a tax accountant or lawyer? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a 1099-S of timber - However, it gets a bit tricky.
I have a 1099-S for sale of timber - However, it gets a bit tricky. My mother owns the land/timber, but she instructed payments to be made to her, me, and my brother (a third each). Not sure how I inc… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My taxpayer purchased 5 acres of land in 1963 for $1200. The
My taxpayer purchased 5 acres of land in 1963 for $1200. The original purchase was to build a retirement home. It never happened. In 2013, he obtained a contract with a timber company to extract 96 pu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I sold timber from family property I inherited three years
I sold timber from family property I inherited three years ago. How do I report this income on my federal returns? What important information do I need to know in order to correctly calculate taxes on… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
i have a client who has sold timber from land that was gifted
i have a client who has sold timber from land that was gifted to them. how do i figure an amount for the cost of the land where the timber was cut. thanks… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Two clients have inherited several acres of land when their
Two clients have inherited several acres of land when their father passed away. They have now sold a lot of timber from the property. How shall I determine basis of the timber and do I use sch D… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
timber was sold off of family land check was put in one persons
timber was sold off of family land check was put in one persons name and the amount of taxes is to come out of timber check so how much would need to come out for 17000.00 please if you could tell me … read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
I sold some timber to build my house. I received a 1099-s form
I sold some timber to build my house. I received a 1099-s form where do I file this and can I deduct the expenses I paid for clearing off the land? Also can I deduct my Health Ins. Premiums on my sch … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a 1099-S for the sale of Timber. I am putting in on
I have a 1099-S for the sale of Timber. I am putting in on Form 4797. I have owned the land for over 40 years. Can I take any kind of depreciation? Also, on Form 4797 is ask for the property type. I d… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I was given 45 acres of land as a gift approximately 12 years
I was given 45 acres of land as a gift approximately 12 years ago, in 2008 some of the timber was cut and I received a 1099-S. Where do I report this income. Also, how can I ever claim long term capit… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I have a partnership that purchased 240 acres of land with ...
I have a partnership that purchased 240 acres of land with timber in 2004 and planned to sell this asap. I sold the timber at the cost basis this year and and sold 40 acres of the land this year. Do I… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I have a partnership that sold some timber in September ...
I have a partnership that sold some timber in September 2007. The partnership is made up of three sisters. Their father donated part of this land to them, with all rights to the timber, several years … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x