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View Full Version : Txtax on Timber Sales - 2009


munny9068
Apr 24, 2009, 08:02 AM
I recently ( this year) inherited a farm with standing timber. When I have the timber cut THIS year, will any gain be ordinary income since I only inherited it this year, or can it be LTCG since the decedent owned it for over 20 years?

AtlantaTaxExpert
Apr 24, 2009, 11:08 AM
It will be long-term capital gain. All sales of inherited capital assets are long-term.