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I own land and sold the trees off of it.Do I pay capital tax on that?
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Yes, The sale of timber is considered a capital gain.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
- “I’ll choose what I work on” Button
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Timber is other)
Select "No financial institution". Cost basis for timber is usually zero. Timber basis is not the cost of the property. For a discussion on Timber Basis, see https://www.extension.purdue.edu/extmedia/FNR/FNR_FAQ_2.pdf
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