Tax Tips for Forest Landowners

When getting ready to prepare your 2012 income tax return be sure to review the "Tax Tips for Forest Landowners for the 2012 Tax Year" bulletin.  The fact sheet is compiled by US Forest Service employees Linda Wang, National Timber Tax Specialist, and John Greene, Research Forester, Southern Research Station.  The information sheet can be downloaded by clicking here.  For all your timber tax questions go to: www.timbertax.org.

"Federal income tax law contains provisions to encourage stewardship and management of private forest land. The primary goal of this bulletin is to assist forest landowners and their advisors with timber tax information they can use to file their 2012 in-come tax returns. The information presented here is current as of Sept. 15, 2012."

Items covered by the bulletin include the following:
Personal Use, Investment, or Business Property
Timber Basis and Timber Depletion Deductions
Timber Sales
Installment Sales
Timber Management Expenses
Reforestation Costs
Depreciation, Bonus Depreciation, and Sec. 179 Expensing
Cost-share Payments on Form 1099-G
Timber Casualty and Theft Losses
Filing Form T (Timber)