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?
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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?
It will be long-term capital gain. All sales of inherited capital assets are long-term.
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