Monday, April 16, 2018

Penn State Extension Releases Online Forest Taxation Course

Forest Taxation: Forest Finance and Timber Tax Education for Landowners and Professionals

Private landowners, small business owners, and other professionals such as accountants, lawyers, tax preparers, financial advisers, and natural resource managers, encounter questions concerning the taxation and planning for forestry operations. The tax code is notoriously complicated and even seasoned professionals may not be familiar with how it applies to forests and woodlots, but understanding these rules can help forest landowners save money. Choices you make about how to set up your accounts or structure a timber sale can have enormous financial implications. This course will give you a framework within which to understand these concepts, and to work knowledgeably with other members of your tax team or advise forest landowner clients. In this self-guided online course, you learn to apply forest finance and timber tax concepts, including:

•Forest Management and Valuation
•Establishment of Capital Accounts, Basis, Form T, and Recordkeeping
•Deduction of Forestry Expenses
•Timber Sales and Income
•Reforestation Tax Incentives
•Conservation Easements
•Estate Planning
•Timber Ownership Categories and Rules for Reporting Expenses and Losses
•Cost Share Programs
•Casualty and Non-Casualty Loss
•Depreciation and Section 179 Deduction
•Christmas Tree Sales

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