Friday, January 25, 2008

Timber Tax Workshop February 7th

A timber tax workshop is planned for Thursday February 7, 2008
at Foxdale Village Auditorium in State College, PA from 7-9 PM

The workshop is entitled Income Tax Considerations for Forest Landowners. Please join Dr. Michael Jacobson, Associate Professor of Forest Resources at Penn State for this two hour program focusing on tax and financial issues facing forest landowners. Taxation issues and financial planning are an integral part of any forest management operation. Owning forest land can be a source of income and an expense. Knowing how the IRS treats the income and expenses associated with owning forest land will help you avoid paying too much.

Rising property taxes, unexpected estate taxes, and the inability to manage the forest due to state or local regulations are driving land subdivision and conversion, thus making traditional forestland management activities more difficult to practice. Failing to consider the impacts of income taxes, property taxes and estate taxes can disrupt effective forest management, result in abandoning forestland ownership, or cause fragmenting the property in such a way that the benefits of past and future management are lost.

Topics to be covered include record keeping, determining your basis, passive losses, operating expenses, timber sales income, cost-sharing expenses, and estate planning. If you are concerned about the future of your forested parcel or have tax and estate planning questions concerning woodland ownership then this is a workshop you should plan on attending.

This program is being provided free of charge by members of the Woodland Owners Association of Centre County, Penn State Cooperative Extension and Penn State School of Forest Resources. No prior registration is required. Foxdale Village is located at 500 East Marylyn Avenue in State College. For more information or directions to the meeting location contact the Centre County Cooperative Extension office at 814-355-4897 or visit for a map to Foxdale Village.

Penn State encourages persons with disabilities to participate in its programs and activities. If you anticipate needing any type of special accommodations or have questions about the physical access provided, contact Centre County Cooperative Extension at 814-355-4897 in advance of your participation of visit.

No comments: