2014 Tax Tips for Forest Landowners for the 2014 Tax Year. This is a very helpful quick sheet that is produced annually. Clear examples are provided for such things as timber property, basis, sales, and management expenses as well as reforestation expenses, cost-share payments, and timber casualty and theft losses. For all your timber taxation questions go to the National Timber Tax Website located at timbertax.org.
Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship and compliance to the tax law. This bulletin reviews the major federal income tax laws to help forest owners in filing their 2014 income tax returns. The information presented here is current as of September 30, 2014.
For the full tip sheet click here.