Did you sell timber in 2018? Did you lose trees to a hurricane, fire, or other natural disaster? Do you know how to report these changes on your income tax return?
You're in luck. The USDA Forest Service has produced a tips sheet on Tax Tips for Forest Landowners for the 2018 Tax Year. This quick guide has information on:
- Timber Sales and Reporting
- Deductions of Timber Expenses and Taxes
- Timber and Landscape Tree Casualty Loss
- Cost Share Payments
- Conservation Easments
- and more handy timber tax topics!
Download the tip sheet here: https://timbertax.org/publications/fs/taxtips/TaxTips2018%20(006).pdf.
You can also find more information on the National Timber Tax Website. The National Timber Tax Website was developed to be used by timberland owners, as well as a reference for accountants, attorneys, consulting foresters and other professionals who work with timberland owners regarding the tax treatment of timber related activities. Explore the great resources at: https://timbertax.org.