January 31, 2024
The 2023 Forest Owners Tax Tips are now available to assist you in completing your timber tax forms. Be sure to share this information with your accountant too!
The Tax Tips start with the basics such as knowing the tax classification of your forest ownership, timber basis, depletion allowance, understanding timber sale income, other tax issues related to timber sales, reforestation, operating expenses, casualty and theft losses, cost share payments and more. The Tax Tips also provide a variety of examples to help you better understand the IRS rules.