Discussion:SALE OF TIMBER
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Discussion Forum Index --> Tax Questions --> SALE OF TIMBER
BETTY COLLIER (talk|edits) said: | 13 April 2006 |
| 13 April 2006 | |
| Form T. Yes, Betty, it exists, and the sale of timber by individuals is capital gains. | |
| 13 April 2006 | |
| I don't know about anyone else, but I hate that form. If you have not done it before I would not want to try it this close to 4/17. | |
| 13 April 2006 | |
| There's actually only two or three lines that get filled in,but it takes a while to find 'em! Then it goes to 4797 and on, finally, to the Sch. D as I recall. I've had two. Can't believe anyone else has! | |
| 13 April 2006 | |
| I have a client that sold timber the last couple of years - he didn't want to pay me to try and figure it out and so he did a lot of research and came to the conclusion that it was LTCG reprted on Sch D with zero basis. Something he missed? | |
| 13 April 2006 | |
| Where I live in upstate New York, we have what is considered a virtually perfect growing season for hardwoods. The rings are almost circular. We export cherry and red oak to Canada. That, combined with an extremely cyclocal real estate market has led to situations where a developer could get more off the timber harvest than he paid for the land. | |
| 13 April 2006 | |
| Your guy is right, Jake, but you're supposed to attach the form to establish it. I do like the shortcut. What's an agent gonna say?
Do that Betty, it'll save you a world of time. | |
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