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-   -   Txtax on Timber Sales - 2009 (https://www.askmehelpdesk.com/showthread.php?t=345520)

  • Apr 24, 2009, 08:02 AM
    munny9068
    Txtax on Timber Sales - 2009
    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?
  • Apr 24, 2009, 11:08 AM
    AtlantaTaxExpert
    It will be long-term capital gain. All sales of inherited capital assets are long-term.

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