I hope most of you don’t need to read this but we need to talk about what to do if you had fire on your property in 2015. Normally, taxpayers are only able to recover their investment in timber at the time of a harvest. This is done through the use of depletion. However, if you have a loss on your property, you can also reclaim some of that investment in the form of a casualty loss deduction.
Taxes
Article
By:
Tamara Cushing
I hope most of you don’t need to read this but we need to talk about what to do if you had fire on your property in 2015. Normally, taxpayers are only able to recover their investment in timber at the time of a harvest. This is done through the use of depletion. However, if you have a loss on your property, you can also reclaim some of that investment in the form of a casualty loss deduction.
Article
By:
Tamara Cushing
A special provision allows you to deduct up to $10,000 in reforestation expenditures per tax year, per qualified timber property.
Article
By:
Tamara Cushing
That’s right, it is tax time again. I know, you didn’t need me to remind of you of that. For those of you who had a timber sale in 2014, you will need to report that income on your 2014 tax return.
Article
By:
Guest author
Linda Wang provides key financial/tax considerations for managing your woods.
Article
By:
Liz Jackson
Guidelines and assistance to private forest owners and their professional advisors on the application of estate planning techniques to forest properties.
Article
By:
Renée E. D’Aoust
Information about the Washington State - Idaho State Field Day taking place near Newport, WA on June 16, 2012
Article
By:
Renée E. D’Aoust
There are many organizational resources for forest landowners in the Inland Pacific Northwest, and I'd like to bring three to your attention here: Idaho Forest Owners Association; Inland Northwest Land Trust; and University of Idaho Extension.
Article
By:
Guest author
Income Tax Deduction on Timber and Landscape Tree Loss from Casualty
Timber or landscape trees destroyed by the hurricane, fire, earthquake, ice, hail, tornado, and other storms are “casualty losses” that may allow the property owners to take a deduction on their federal income tax returns.
Timber or landscape trees destroyed by the hurricane, fire, earthquake, ice, hail, tornado, and other storms are “casualty losses” that may allow the property owners to take a deduction on their federal income tax returns.
Article
By:
Guest author
High winds and saturated soils can result in damage to forest and yard trees. In terms of repairing the damage to your landscape, safety is of utmost importance. The first thing many people do is grab the chain saw.
Event
Fri, Mar 2, 2018 - 1:00 pm
until 2:00 pm
Sweeping overhaul of the Tax Code passed by Congress in December 2017 has triggered a significant number of questions. There is confusion about how the 2018 tax changes will affect forest landowners.
Event
By:
Amanda Mahaffey
Sat, Jul 30, 2016 - 9:00 am
until 4:00 pm
Women and Our Woods Workshop for Women Woodland Owners
Hidden Valley Nature Center 131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00
$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students Scholarships available!!
Women and Our Woods
Hidden Valley Nature Center 131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00
$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students Scholarships available!!
Women and Our Woods
Event
By:
Amanda Mahaffey
Sat, Jul 30, 2016 - 9:00 am
until 4:00 pm
Women and Our Woods Workshop for Women Woodland Owners
Hidden Valley Nature Center 131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00
$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students Scholarships available!!
Women and Our Woods
Empowering Maine’s women woodland owners to steward our forestlands
Hidden Valley Nature Center 131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00
$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students Scholarships available!!
Women and Our Woods
Empowering Maine’s women woodland owners to steward our forestlands
Article
By:
Liz Jackson
As a forest landowner, you must keep good records in order to take maximum advantage of the special tax treatments available for timber. At a minimum, you should keep a tree farm journal that lists all activities, costs, and incomes from the forest (see example below). You also should have accounts for land, timber, and other capital assets. When setting up timber basis accounts, it is a good idea to use Form T Forest Activities Schedule as a guide. It may be required when claiming depletion of the timber basis after a timber sale or loss.