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Taxes on Timber sales

Started by Fast Randy, March 16, 2011, 07:09:27 PM

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Ron Scott

Hey all,
 
Please join us for a timber tax workshop!
 
Date: Monday, November 20, 2023
Time: 5:30-7:30pm
Location: West Shore Community College, Downtown Manistee Education Center
400 River Street, classrooms A & B
Manistee, MI 49660
 
This 2-hour workshop, presented by Susan Metcalfe of Metcalfe Forestry Co. & Burns Timber Tax Service, is designed for forest land owners, foresters, loggers and tax preparers. If you have bought or sold timber within the past 3 years, or plan to harvest timber, then this is a must-attend event.
 
The workshop will cover a range of topics involving your potential taxes on the money earned from the buying or selling of timber and how to keep more $$ in your pocket and pay less in tax. It will also cover common myths in the forestry and accounting communities, and explain the capital gains treatment of the purchase and sale of timber. Included will be a discussion about the Michigan Commercial Forest Act and the Qualified Forest Program, two property tax programs that provide substantial tax benefits to landowners practicing wise forest management.
 
There is no cost to attend, and dinner will be provided.
 
Registration is required by November 13th and space is limited. Click the link below to register online, or call the district office at 231-889-9666 to register by phone.
 
 
Thank you for your support!
 
Josh Shields, Ph.D.
Michigan Forestry Assistance Program (FAP)
~Ron

Sod saw

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Are there ever any of these types of presentations further East or on line?

If watching some of the older ones, how would we know what is still relevant and what might be outdated?

Thanks for the notices.


LT 40 hyd.          Solar Kiln.          Misc necessary toys.
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It's extremely easy to make things complicated, but very difficult to keep things simple.
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Ron Scott

Check with your local State University Extension Service, local Conservation District, or USFS State and Private Forestry for any such sessions, videos, or Webinars serving your area.
~Ron

Sod saw

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Ok.   Good suggestions, thanks.


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LT 40 hyd.          Solar Kiln.          Misc necessary toys.
.
It's extremely easy to make things complicated, but very difficult to keep things simple.
.

Refiner

I'll be looking for Timber Tax information for this year, both for 2023 and 2024.

The state form I have for last quarter looks pretty straightforward, although I will be having a tax professional handle all the taxes for very good reasons of my own.

The portion of property I am in stewardship of that is timbered has been registered as timberland for a number of decades already. Although I think that is irrelevant to Timber and Federal taxes. Timberland is exempt from the local school taxes here and possibly other local taxes that homeowners are subject to.
~ Ref
Jill of many trades, and a professional driver.

Ron Scott

Timber Tax Tips

USDA, Jan. 16, 2024


Of the 765 million acres of forests in the U.S., more than half – 443 million acres – is privately owned, of which 288 million acres are owned by private, non-corporate entities such as families. That means more than 10 million private owners control 50 percent of all forestlands in the U.S.

Read More
https://www.fs.usda.gov/features/timber-tax-tips

The E-Forester



~Ron

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