sale of timber

[michaelmars]

what does a LongIsland boy know about this? client sold timber on some vacant land he owns, is this ordinary or cap gain, etc.

[TAXBILLY]

Some info that may be helpful:

http://www.irs.gov/businesses/article/0,,id=204096,00.html

tx

[michaelmars]

Ok read all that and still can't tell if it is ordinary or cap gain?

[RitaB]

Ok read all that and still can't tell if it is ordinary or cap gain?

Michael - I would guess that your client should use Sch D. I believe that is the most common way reported. However, not always. Maybe this document will help:

http://www.fs.fed.us/spf/coop/library/timbertax.pdf

[michaelmars]

thank you very much.