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    munny9068's Avatar
    munny9068 Posts: 41, Reputation: 1
    Junior Member
    		  
    #1

    Apr 24, 2009, 08:02 AM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

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