Capitol Gaines Taxes On Timber Sale

I am in need of some info on timber sale
taxes. I bought 6 acres of bare land in 2003 with timber on it and am going to build a home. I logged it and am wondering if i have to claim all of the net
sale for taxes or can i deduct the cost of the land.

Comments(2)

  • DaveT4th March, 2004

    You can NOT deduct the cost of the land. The cost of the land is an investment, which will be recovered (hopefully at a profit) when you sell.

    You do declare your net income from the timber sale.

  • jerandjan8th March, 2004

    thanks for your reponse
    Dave T

Add Comment

Login To Comment