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Timberland Value in 2008 To Calculate Capital Gains On 2023 Taxes. Who do I contact?
Posted on 3/7/24 at 12:04 pm
Posted on 3/7/24 at 12:04 pm
I sold some timberland in Lincoln parish in 2023. I inherited the property.
I need to determine the 2008 value of the property as there will be capital gains on the sale.
Who should I contact to determine the approximate 2008 value?
Any assistance is greatly appreciated and I thank you in advance.
I need to determine the 2008 value of the property as there will be capital gains on the sale.
Who should I contact to determine the approximate 2008 value?
Any assistance is greatly appreciated and I thank you in advance.
5
Posted on 3/7/24 at 12:33 pm to Telecaster
A certified appraiser? The American Society of Farm Managers and Rural Appraisers (ASFMRA) or the Appraisal Institute might be helpful?
Maybe a tax advisor or CPA? Tax assessor data from 2008 versus what they've got it appraised for now might give you a factor to scale?
Shout out to Timbaland.
Maybe a tax advisor or CPA? Tax assessor data from 2008 versus what they've got it appraised for now might give you a factor to scale?
Shout out to Timbaland.
Posted on 3/7/24 at 1:27 pm to Telecaster
Did the Estate assign a value? Generally, there is an "Inventory and Appraisement" in the Probate/Succession. That might work against you if it was assigned an artificially low number to avoid/minimize estate taxes.
Posted on 3/7/24 at 3:00 pm to Telecaster
Retrospective appraisal, Google that term and you’ll find multiple companies near you.
Posted on 3/7/24 at 10:29 pm to Telecaster
quote:
I sold some timberland in Lincoln parish in 2023
How many acres, and how much per acre did it sell for? Also, when sold, did it have timber on it or had it been harvested? Thanks.
ETA: I found this gentleman to be knowledgeable, and he went the extra mile to be helpful on a different deal.
Eddie ‘Sarge’ Tolbert
Deputy Assessor, Field Opns
Lincoln Parish Assessors Office
This post was edited on 3/7/24 at 10:46 pm
Posted on 3/8/24 at 1:03 pm to Telecaster
It'll be your dad's cost basis. So, what your dad paid for it. His wife didn't get a step up in basis as they were married. You didn't get a step up in basis because it was gifted to you.
So, whatever your dad paid is the cost basis for you. It should be easy to find that out.
So, whatever your dad paid is the cost basis for you. It should be easy to find that out.
This post was edited on 3/8/24 at 1:19 pm
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