Good morning,
Happy AFTER TAX Day!!!
However, still sorting through extensions...... 😉
I'm trying to find a reasonable way to determine cost basis on a timber sale for property that has been held for decades. Maybe my brain is tired, but it seems like all of the reference articles are just making me more confused lol!!!
Thank you to anyone available today who might have any insights,
Dawn
Best Answer Click here
Held for decades? Basis is probably zero since it takes decades for the trees to grow big enough to be harvested.
Good morning,
So, I did use 0 as the cost basis, and it didn't change the results of the return at all from a 4k timber sale. Is that typical? I just feel like I must be missing something.... 🇲🇶
Low income so the capital gains rate was zero?
taxable income was 60k?
If you don't want to take the time to check the ProSeries calculations, Google is still a good friend to have
at what income limit does zero capital gains rate end - Google Search
Ah, 0% for MFJ up to 89,250?
Apparently, I don't have many clients with long-term capital gains. But, I'm glad because this couple has paid property taxes all of those years, and I'm sure they are still behind.
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