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REG 155669 04 Form
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People also ask
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How do you determine basis for timber sales?
To calculate the proportionate value of each timber product, divide the appraised value of the product by the total appraised valued of the property. To calculate the original cost basis of each product, multiply its proportionate value, the decimal, by the total acquisition price. -
How do I report timber sales on my tax return?
To report the sale of timber on your tax return, you may need to file Form 4797 or use Schedule C and/or Schedule F. -
What are the tax implications of selling timber?
Understand timber sale income and capital gains tax In most cases, your income from a standing timber sale is taxed at the favorable long-term capital gains tax rate (0%, 15%, or 20% depending on your taxable income) if you have owned it for more than 1 year. -
How do I record the sale of timber on my taxes?
Standing timber held as investment property is a capital asset. Gain or loss from its sale is reported as a capital gain or loss on Form 8949 and Schedule D (Form 1040), as applicable. -
Where should timber sales be reported on tax return?
If you held the timber for more than one year before selling it you should report the total amount received for the timber on Form 1040, Schedule D, Part II, column (d). You may be able to recover your cost basis in the timber sold, also referred to as a depletion allowance.
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