Tax Treatment of Timber
Very few sections of the Internal Revenue Code are written specifically for timber. This means there is a considerable amount of interpretation involved. This website was developed to be used by timberland owners, as well as a reference source for accountants, attorneys, consulting foresters and other professionals who work with timberland owners by answering specific questions regarding the tax treatment of timber related activities.
New Developments:
Timber Tax Update Session - Registration is Full
Tax researchers and specialists from the USDA Forest Service, Purdue University, and the IRS will explain the latest development in timber tax law and rules, tax legislation from 2007 to 2008, proposed IRS regulation, tax policy and more. This 2-hour session will be provided live around the country—you will be able to listen to it in your office or home if you can not attend it in person...|more|
Date: August 6, 2008
Time: 10:00 am - 12:00 noon
Location: Yates Building, USDA Forest Service, Washington D.C.
Cost: FREE
You’re invited to attend this session in person or through live teleconference.
- Registration is Full
Neal Bungard, USDA Forest Service Forest Legacy Specialist, at:
nbungard@fs.fed.us (613-868-7719) or
Linda Wang, USDA Forest Service Tax Specialist, at:
lwang@fs.fed.us (404-347-2067)
Food, Conservation, and Energy Act of 2008
(P.L. 110-234, H.R. 2419)
The House on May 21 and Senate on May 22 overrode President Bush’s veto of the "Farm Act." The Food, Conservation, and Energy Act of 2008 (Act) puts into effect many tax provisions of interest to timberland owners with an effective date of May 22, 2008. Some provisions may directly impact their tax liability, while others may impact timber markets and conservation organizations. Several provisions applicable to "farmers" only are included for farmers who also grow timber...|continue|
Taxing Issues:
New Rules: Form 1099, Casualty Losses, and Errata (by Bill Hoover)
This column deals with the new IRS rules that will be finalized by this summer concerning Form 1099, the information return businesses use to report certain transactions with their customers. An update on casualty losses to timber is also provided, i in light of the "unsettled" weather that has hit many parts of the country. I also need to let you know of a mathematical error in my last column...|continue|
Legislative Updates:
The Forest Landowners Tax Council (FLTC) is an independent, national non-profit organization dedicated to providing an effective and unified voice for non-industrial, private forest (NIPF) landowners on federal tax issues...| Current News|
If you are interested in current legislation that may have an impact on your timber activities click here!
Tax Workshops:
Looking to increase your knowledge in the tax treatment of timber, or just want to gain an understanding of the basics, check to see if there is a Timber Tax Workshop or Seminar available in your state...|more information|