Timberland Value in 2008 To Calculate Capital Gains On 2023 Taxes. Who do I contact?

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.

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.

Retrospective appraisal, Google that term and you’ll find multiple companies near you.

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I sold some timberland in Lincoln parish in 2023

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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

139 acres, not harvested.
The stand is 26 years old.

eta: Thanks for the info.

A forester will put the value on the timber as retro cost basis and an appraiser or re agent can put the bare land value on the dirt. I do these all of the time and they are a pain but it’s the right thing to do.

You sure? I thought spouse typically got half stepped up basis but a little search found

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if property is classified as community property, not only does the decedent’s share of property receive a new basis but also the surviving spouse’s share receives this same basis if at least one-half of the community property is includable in the decedent’s gross estate.

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CPA Journal

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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.

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Louisiana is a community property state. So when dad died, stepmother (his wife, i assume) took a basis equal to 100% of FMV at dad's DOD.

When stepmother gifted to the OP, the OP took stepmother's basis in the property due to the gift.

The OP needs a retroactive appraisal. Remember, if you can't prove basis, the basis is zero.

To everyone else on here, please please get appraisals done at date of death. Usually they are done via probate, but if assets pass outside probate (such as a revocable trust) these things tend to get missed.

It's much easier to deal with this in relative real time.