I've only been a member for a couple of days and I'm well on my way to logging and selling my Douglas Fir. (unless I wait for the market to improve)Thanks again BeenThere. And that brings me to the Tax consequences of what I'm going to do. In my browsing around I ran onto a thread about taxes that said something on the order of it was better tax ways to have your land registerd as timber land with the IRS first than to just log it. Does that make sense to any of you land owners. This is just recreational land right now. Is there anything like tree depreciation or something like that. How can I use the IRS rules to my advantage?
Thanks All
I think it is very important to establish the business, and has to do with basis to get the depreciation maybe. Without that, all the income will likely be taxed, and it might be at a pretty high rate.
Others may will know much better about this.
http://timbertax.org/
Jeff gave you the good reference for tax information.
But I would caution you, if you know little about the tax implications of your timber sale right now, you better be a fast learner or seek professional help or you could learn a costly lesson in favor of the IRS.
And it would require very specific and personal information about your financial situation to give you good advice.
Timber is depleted through a Depletion Rate that is established when the land and timber is purchased or when you spend capital to reforest a tract. It is pretty complicated, so you have some reading and research to do. However, post any specific questions that you may have.
How did you come about owning this property? Did you buy it recently, or has it been in the family a long time? A Forester may be able to help you establish a Depletion Basis for your timber depending on when and how you acquired it.
This land (46 acers) is part of a recreational development. With lots from 5 acers to 50+. Out of all the lots there is only Douglas Fir on two. Mine and my neibors. I was one of the first buyers in 1992 when I realilzed right off that it was Douglas Fir. The surounding land won't sell for $1000 an acer. I have only been there twice sence I bought it. Thanks for your reply.
A Forester should be able to calculate a reasonable estimate of the fair market value of the timber when you purchased the property by subtracting growth determined through a series of increment borings and estimating a volume of timber at the time of purchase. From past records, the Forester can determine the market price at that time for the estimated timber products and calculate a fair market value of the timber. This will serve as the cost basis to use to deduct your cost from the sale of any of the timber that you may choose to cut, thereby reducing you tax liability.
Thanks Guys. Greate info.
In Canada you pretty much have to be a farmer or logger that uses the land for his living and followed a management plan. And even then, you have to be managing the land for timber and not simply liquidating the place and moving on. If it is clearcut, it has to be taken to the next phase with either planting or thinning. Thus, there is input costs into it's management. There also has to be a reasonable expectation of profit.
TWO TIMBER TAX WEBINARS
http://www.forestrywebinars.net/upcoming-webinars-1
Presenters/Authors:
Dr. Linda Wang, National Timber Tax Specialist, USDA Forest Service
Dr. John Greene, Research Forester, Southern Research Station, USDA Forest Service
1. Timber Tax Update for 2011 Tax Filing Season
Date: 1 February at 12:00
Duration: 1.5 hours
2. Timber Basis
Date: 22 February at 12:00
Duration: 1.5 hours
In the US, timber is taxed as a Capital Gain if you have owned it more than one year, and the tax rate on Capital Gains has been lower than the ordinary income tax.
Canadian Income Taxes and Woodlots.
http://www.fbc.ca/farmers-can-count-timber-sales-capital-gain
http://www.fundymodelforest.net/pdfs/TaxationandtheManagedWoodlotKeepingitintheFamilye.pdf
Tax Tips for Forest Landowners for the 2012 Tax Year
by Linda Wang, National Timber Tax Specialist
and John Greene, Research Forester, Southern Research Station
http://www.timbertax.org/developments/TaxTips2012-Final.pdf
Capital gains here in N.H. ,but we also have a state timber tax also. If you can show a high cost of harvest you wont have to pay much tax. It all comes down to the loggers chance , terrain,distance , work involved in getting the wood out.
You have two important considerations, state taxes and federal taxes. Not knowing which state I cannot comment on those - they vary too much.
Federal tax law does not make much distinction between types of land where the timber is cut, while state law may. To qualify for capital gains treatment of income, the feds do care about when economic interested is transferred (IRC Section 631b). Under some cases, lump sum sales can qualify. For most landowners you must retain economic interest until the timber is first accurately scaled, and you must be paid on a per unit basis, otherwise the sale will be considered ordinary income, taxed at a higher rate, and subject to Social Security deductions.
The timbertax.org site does a great job at explaining much of the federal rules and regulations. Your state's landowner association or Cooperative Extension office may have non-technical explanations of state taxes.
Taxation of income derived from forestry investments is a complex topic at both the federal and state levels. Tax laws, regulations, and guidelines are many, detailed, and technical. Tax legislation is subject to frequent change and judicial interpretation.
General Rules
Assuming that you want to pay the least amount of taxes that you legally can, and you are willing to spend some time learning about tax law, doing some bookkeeping, and possibly hiring a qualified accountant to help you out, the following suggestions hold for most people. Your situation will vary, and you are advised to consult with a tax professional for specific advice.
• Keep excellent and detailed records
• Keep your records well organized
• The costs of owning land should be expensed
(deducted in the year they occur), depreciated if they cannot be expensed, and added to the basis (capitalized) when they can be neither expensed nor depreciated.
• Treat your property like a business.
• Spread income over tax years if possible.
• Learn more about timber taxation.
• Hire a tax professional knowledgeable about resource based taxation.
• Plan for the future, especially your estate.
Upcoming Free Webinar: Income Tax on Timber
For Your 2012 Tax Return Filing
1.5 Hour CFE for Foresters
Date: Feb. 13, 2013 (Wednesday)
Time: 12:00 Noon – 1:30 pm Eastern Time
Who Should Attend: Woodland owners, foresters, loggers, tax preparers, and land managers
Presenters: Dr. Linda Wang, National Timber Tax Specialist, US Forest Service
Dr. John Greene, Retired Research Forester, US Forest Service
Contact: Brandon Hatchett, hatchett@uga.edu
Topics include: Tax reporting on timber transactions as well as the latest sweeping tax law changes from the "fiscal cliff" package
To access to the webinar: http://forestrywebinar.net
Detailed access instructions: http://www.forestrywebinars.net/faq
This event will be archived for later viewing.
Sponsored by: US Forest Service, NC State University Extension Forest Resources, Southern Regional Extension Forestry Office, Texas A&M AgriLife Extension
Linda Wang
National Timber Tax Specialist
USDA Forest Service
TIMBER SALE INCOME TAX PROGRAMS
http://michigansaf.org/Calendar/calendar.htm
http://miforestpathways.net/1-Calendar.htm
Otsego Conservation District
Presenter: Susan Metcalfe
20 February, Gaylord
Conservation District Programs - U.P.
Presenter: Dr. Karen Potter-Witter, MSU Professor of Forestry
5 March, Sault
6 March, Escanaba
7 March, Crystal Falls
News Release
Release Date: February 28th – March 15, 2013
Contact Person: Kama Ross, District Forester
Missaukee and Wexford Conservation Districts
231-775-7681, ext. 3
kama.ross@macd.org
LOCAL CONSERVATION DISTRICTS TO HOST TIMBER AND TAXES WORKSHOP
The second of many education workshops to be provided by the Forestry Assistance Program
Cadillac, MI – The Wexford and Missaukee Conservation Districts' Forestry Assistance Program has announced it will organize a workshop concerning federal tax provisions related to forestland management and timber sale income for forestland owners, natural resource professionals, tax preparers, and other interested citizens. The workshop will be held on Tuesday, March 19 from 6:30 to 9:00 pm in the Student Center at Baker College, 9600 E. 13th Street, Cadillac.
The workshop will feature the expertise of Karen Potter-Witter, Ph.D. of Michigan State University. Dr. Potter-Witter holds over 30 years of professional experience in investment and financial analysis and economics. This 2.5 hour workshop will cover the basics that most forest landowners and the professionals working with them, need to be aware of in order to make good decisions related to the income taxes on timber sales. The workshop will help landowners learn how to minimize the amount of federal income tax paid on timber sale revenue. There will also be a discussion about Michigan's Commercial Forest Act (CFA) and the Qualified Forest Property Act (QFP).
Cost is $20 per family if paid by March 15, or $25 per family at the door. For more information or to register, contact Kama Ross, District Forester, Wexford Conservation District at 231-775-7681, ext. 3 or kama.ross@macd.org.
The Timber and Taxes Workshop is jointly sponsored by: Michigan Department of Agriculture and Rural Development, Michigan Department of Natural Resources, Michigan State University Extension, and Michigan Association of Conservation Districts.
TIMBER TAX PROGRAMS - SAF CFE CREDITS
The tax programs have been assigned 2.5 category 1 SAF CFE credits.
Conservation Districts and Dr. Karen Potter-Witter, MSU Forestry Professor
http://michigansaf.org/Calendar/calendar.htm
March 5, Sault Ste. Marie, Soo Township Hall 6-9 pm
March 6, Escanaba, Bay DeNoc Community College 7-10 pm
March 7, Crystal Falls, Iron County Court House 6-9 pm
March 19, Cadillac, Baker College Student Center 6:30-9:30 pm
March 20, West Branch, Forwards Conference Center 6:30-9:30 pm
March 21, Rogers City, County Courthouse 6:30-9:30 pm
We used to hind our stock piled wood in the spring. If the State tax man found our piles we had to pay tax on it, he'd run all over the county looking for stock piled wood. I can see him plan as day a little guy, this was back in the 70's.
For Immediate Release: February, 2014
Workshop on Managing your Timber and Taxes
What: Timber and Taxes
When: 26, February, 2014. 4:00 p.m. to 9:00 p.m.
Where: Whiting Forest – 2303 Eastman Ave, Midland, MI
Cost: $20.00/person (includes a light dinner)
Information: Call Joelle Ferguson at 989.835.4886 or email jferguson@littleforks.org
MIDLAND – The Little Forks Conservancy, Saginaw Conservation District and Michigan Forestry Assistance Program are pleased to present a Timber Tax workshop featuring Dr. Karen Potter-Witter.
Dr. Potter- Witter is a faculty member of Michigan State University, Department of Forestry, and affiliated with the MSU Extension. Serving as a professor of forest economics she has over 30 years of experience in this field. And she has published numerous journals and reports in this area.
The workshop will cover federal income tax provisions related to forestland management and timber sales. This will include deductibility of forest management expenses, reporting timber sale income, and important IRS forms to file. There will also be information about Michigan's forest property tax acts. The Qualified Forest Program, revised last year, as a state tax incentive program designed to encourage sustainable and economically viable management of Michigan's private forest resources.
Additionally, bring your smart phone and learn about the MISIN (Mid-West Invasive Species Network) phone app. and how to report locations with invasive species. You can assist with an important mapping effort throughout the Saginaw Bay Watershed.
For more details, contact your local conservation district or download a reservation form at www.saginaw.org. For additional questions you can reach the Saginaw Conservation District at 989.781.4077 extension 5. Registration deadline is Friday, February 21st. Fee is $20.00/ person.
The Little Forks Conservancy works with landowners to permanently protect land with natural and cultural resources that add to the quality of life in our community. The Conservancy has helped private landowners protect over 3,000 acres in Mid-Michigan, including over 18 miles of waterways and shoreline.
The Michigan Forestry Assistance Program aims to provide support and education to non-industrial private owners of forestland to help with planning and management questions. MI-FAP foresters can be contacted through county conservation districts, and currently cover 39 counties in the Upper and Lower Peninsulas.
Contact:
Joelle Ferguson
105 Post Street
Midland, MI 48640
jferguson@littleforks.org
p: 989.835.4886
f: 989.835.4895
www.littleforks.org
RE: TIMBER TAX WORKSHOPS
24 February, Tomahawk (WI), Susan Metcalfe
26 February, Midland (MI), Karen Potter-Witter
9 March, Tomahawk (WI), Susan Metcalfe
More information at: http://michigansaf.org/Calendar/calendar.htm
REVISED:
2014 Tax Tips Bulletin
Linda Wang, National Timber Tax Specialist with the U.S. Forest Service, has revised Tax Tips for Forest Landowners for the 2014 Tax Year. The revisions reflect changes in law as of December 2014.
This publication reviews the major Federal income tax laws to help you file your 2014 income tax
return. Although tax laws on timber transactions are not common knowledge, they are an important part of the ongoing cost of owning and managing timber, engaging in forest stewardship activities, and complying with tax law.
http://www.timbertax.org/developments/TaxTips2014.pdf
Timber Tax Workshop "Keep More $$$ From Your Timber Harvests"
Susan Metcalfe from Metcalfe Forestry LLC & Burns Timber Tax Service
When:
Monday Evening February 9th
5:30pm-8pm
Where:
Clare County Building Room A
Harrison, MI
In the basement
Cost:
$FREE
Workshop Sponsored by the Clare Conservation District
With Questions and Registration call or email Kylee, Clare/ Gladwin District Forester, at (989) 539-6401 or kylee.berger@macd.org
You may also register in person in the office at
225 W Main Street Harrison, MI 48625
Registration is not required but it's nice to have a head count prior
2015 Tax Tips Bulletin Available
Dr. Linda Wang, National Timber Tax Specialist with the U.S. Forest Service, has finalized Tax Tips for Forest Landowners for the 2015 Tax Year. This publication reviews the major Federal income tax laws to help you file your 2015 income tax return. Although tax laws on timber transactions are not common knowledge, they are an important part of the ongoing cost of owning and managing timber, engaging in forest stewardship activities, and complying with tax law.
This the one Ron ?
http://www.fs.fed.us/cooperativeforestry/library/revised_taxtips2014.pdf
No I think he is referring to this one. That one was 2014.
2015 Tax Tips for Forest Land Owners (http://www.fs.fed.us/cooperativeforestry/library/taxtips2015.pdf)
smiley_thumbsup
thanks pine
Yes, the 2015 information is now available.
Timber Tax Filing for the 2015 Tax Year
Time: 1:00 – 2:00 Eastern Time, 22 January 2016, Friday
Timber tax laws have changed due to the new tax law that was passed by Congress in December 2015. Brand new tax provisions on capital gains for timber corporations will affect timber businesses and owners. Business deductions on equipment costs have been increased significantly. Special charitable donation deduction on qualified conservation easement was extended.
To help the 2015 tax return filing, this one-hour webinar will cover the rules for timber tax reporting, including the latest law changes. It will cover the 1099 filing that the foresters must know. Bring your tax questions to get answers from the presenter.
Credits: One hour of SAF CFE Category I credits have been applied for.
Who will benefit: landowners, foresters, loggers, timber companies, extension agents, natural resource agency program staff and directors, CPAs, Tax Enrolled Agents, attorneys, and other tax preparers
Presenter: Dr. Linda Wang, National Timber Tax Specialist, USDA Forest Service
Any link to the source and more specifically how to register for the webinar?
http://www.forestrywebinars.net/webinars/timber-tax-filing-for-the-2015-tax-year
2016 Tax Tips Bulletin Available
Dr. Linda Wang, National Timber Tax Specialist with the U.S. Forest Service, has finalized Tax Tips for Forest Landowners for the 2016 Tax Year. This publication reviews the major Federal income tax laws to help you file your 2016 income tax return. Although tax laws on timber transactions are not common knowledge, they are an important part of the ongoing cost of owning and managing timber, engaging in forest stewardship activities, and complying with tax law.
http://www.fs.fed.us/spf/coop/library/taxtips2016.pdf
Good googely, making my head swim! :) I never knew all this. I guess it's obvious that if you sell *anything* for income, the IRS wants their cut, I just didn't realize the complexities of it all. No wonder people are barking about a "fair tax", but I don't see how that would affect your state from levying against your timber profits. (And I'm not trying to start an argument about tax plans! LOL)
I am planning on buying a small bandsaw mill and cutting trees to build various structures on my property such as pole barns, sheds, etc. I wasn't planning on running any type of business or deducting any of my expenses, but do I have to consider the value of the lumber as income when building my buildings? I don't know how the IRS would know about that, but I certainly don't want to run afoul of them or the state of Alabama when the value of my property goes up due to the buildings being appraised. When we financed the land, the banker told me I couldn't sell the timber without consulting with them because since the land was financed, they'd want to bring in their forester to make sure the profit was maximized and they'd of course want their "cut" of the profits. I had no idea about tax implications of anything like that, though. I appreciate y'all posting all those links, I'll start reading through all that and trying to make some sense of it all.
Timber is "real property" and if you borrow money on a piece of property, the timber is part of the collateral. You cannot sell that timber without a release from the lending institution, and they usually require that some of the sale proceeds go against the note so that the value of the property is at least worth what you owe remaining on the note.
If you hold the property for at least one year before selling timber, the profit from the timber sale is taxed as a capital gain which is a lower tax rate. You can deduct the cost of the timber from the sale proceeds if you developed a cost basis at the time of purchase of the property. This is called your timber basis. It usually requires a licensed Forester to do an appraisal to establish the cost basis of the timber.
If you site prepare and plant a stand of timber, the cost basis becomes the cost to site prepare and plant the trees. This cost basis stays with that stand of timber until it is sold, and that cost basis can be deducted from the proceeds of the sale. It is always prudent to know the value of any timber on any property that you buy so that you can use that value as the cost basis when you sell that timber in the future.
If the fair market of a piece of property is $100, and if there is an equal value of timber and land, in this case $50 each, and if you make a good deal and buy the property at $80, which is 80% of the fair market value, you have to prorate the cost basis and in this case assign a cost basis of 80% times $50 for the land and 80% times $50 for the timber. This establishes a cost basis of $40 for the land and $40 for the timber.
Please join us for a timber tax workshop in January!
When: January 11th, from 5-7 pm
Where: The Bungalow Inn Restaurant, Manistee, MI
This 2-hour workshop, presented by Susan Metcalfe of Metcalfe Forestry LLC & Burns Timber Tax Service, is designed for forestland 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 money earned from the buying or selling of timber, how to keep more $$ in your pocket and pay less in taxes. Also covered will be common myths in the forestry and accounting communities, and an explanation of 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.
Complementary appetizers and beverages! Coffee, soda, water, and appetizers are provided free of charge. Dinner and alcoholic drinks are the responsibility of the attendee.
Register by January 3rd! Seats for this popular workshop will fill up fast, so be sure and register by January 3rd, 2018! Reserve your spot by contacting me at 231-889-9666 or joshua.shields@macd.org.
Minimum Suggested donation $5: A minimum donation of $5/person is requested at the door to help cover the speaker fees, appetizers, and beverages.
Josh Shields, Ph.D.
Outreach Forester, Forestry Assistance Program (FAP)
Manistee and Mason-Lake Conservation Districts
Certified Forester with Society of American Foresters
Certified Wildlife Biologist with The Wildlife Society
Certified Commercial Pesticide Applicator in Michigan
Office: 231-889-9666
Mobile: 989-220-9236
Email: joshua.shields@macd.org
Manistee Conservation District website: http://www.manisteecd2.org/
Mason-Lake Conservation District website: http://www.mason-lakeconservation.org/
Virtual Session coming up in November 2021.
IncomeTaxTimberSales - Wisconsin Forestry Center | UWSP (https://www.uwsp.edu/cnr-ap/WFC/Pages/WFC/WorkshopsandTrainings/IncomeTaxTimberSales.aspx)
Thanks for posting these events all these years ron. Is timber tax federal, state or likely both?
Depends on if your state has a state income tax. Georgia does.
My timber tax story.......Back when I was a young forester about 3 years out of school I was working for a wood dealer in Rockingham, NC. I got a lead on a tract of timber and went to see the gentleman. What I saw was the prettiest stand I have seen to this day. It was a mixed pine / yellow poplar stand averaging about 24" dbh. The gentleman and his sister had inherited from their father. I was fresh out of one of the timber tax courses and I asked the fellow if he had consulted his tax attorney or CPA prior to selling the wood. He had not. I told him to talk to someone before selling the timber. Long story short.....They decided to go with a sealed bid timber sale. On sale day I was the second highest bidder (sealed bid sale), $263 below the high bid of $699,000.
I got a call from this gentleman a few months later. He wanted to thank me for instructing him to call a tax attorney. He said that saved him over $66,000 in tax liability. The funny part to this story was at his next timber sale. It was probably 20 years later. I had been gone from the area for 18 years. He tracked me down through some in-laws to see if I wanted to buy his timber. Made me feel pretty good for helping him out and being remembered for it.
Wud
Glad to hear a tax story that ended well.
Ive been trying to give good advice to someone since before they made a huge timber sale mistake, and is still in denial. I think some day itll bite them.
Theres a way for forestors to go back and calculate a basis, isnt there?
You can calculate a basis up until the time the timber is cut. Once it has been cut, there is no recourse. (I believe, but consult a tax attorney. Tax law is a moving target - no telling what is actually in this 3.5 trillion plan - guess "we'll have to pass it to find out".)
IRS use to be generally ok with a "certified" forester going back 10 years in calculation of the basis after a property transfer in ownership, but now I don't know under what this administration's plans for IRS controls are.
Given tree growth, form, and taper, a Forester can rebuild the stem from the stump diameter and develop a good estimate of that tree's volume. Given that trees age ( stump ring count), you can estimate an "average" product breakdown using other similar trees in the general area of that same age and species.
Yes, have also done these type calculations where I've been an expert witness in timber trespass cases, and it has always been acceptable in court.
Hey all,
Please join us for a timber tax workshop! It will be at 5:30pm on 12/15/2021, in Manistee. Please register by 12/10/2021 and please note that we must cap the number at 40 people (this includes the speaker and staff). See below and attached pdf file for more details.
*Timber and Taxes Workshop
Wednesday, December 15th, 2021, 5:30pm
Downtown Manistee West Shore Community College, 400 River Street, Classrooms A and B, Manistee, MI 49660
This 2-hour workshop, presented by Susan Metcalfe of Metcalfe Forestry Co. & Burns Timber Tax Service, is designed for forest landowners, 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, 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 for attending this workshop. Snacks will be provided free of charge. A suggested minimum donation of $10/person is requested at the door to help cover the speaker fee and snacks.
REGISTRATION DEADLINE IS FRIDAY, December 10th, 2021. SPACE IS LIMITED FOR THIS WORKSHOP. For more information or to register, contact Josh Shields, Forestry Assistance Program (FAP) forester and wildlife biologist with the Manistee and Mason-Lake Conservation Districts, at 231-889-9666 or joshua.shields@macd.org (joshua.shields@macd.org).
Thank you for your support!
Josh Shields, Ph.D.
Forester and Wildlife Biologist, Forestry Assistance Program (FAP)
Manistee and Mason-Lake Conservation Districts
Certified Forester with Society of American Foresters
Certified Wildlife Biologist with The Wildlife Society
Certified Arborist with International Society of Arboriculture
Certified Commercial Pesticide Applicator in Michigan
Office: 231-889-9666
Mobile: 989-220-9236
Email: joshua.shields@macd.org (joshua.shields@macd.org)
Manistee Conservation District website: http://www.manisteecd2.org/ (http://www.manisteecd2.org/)
Mason-Lake Conservation District website: http://www.mason-lakeconservation.org/ (http://www.mason-lakeconservation.org/)
RE: 2021 TAX TIPS
Forestowners might be interested in this one.
Tax Tips for Forest Landowners for the 2021 Tax Year Yanshu Li, Tamara L. Cushing, and Gregory E. Frey
USDA USFS, University of Georgia, and University of Florida Extension
https://www.fs.usda.gov/sites/default/files/fs_media/fs_document/Landowner-2021-Tax-Tips.pdf (https://www.fs.usda.gov/sites/default/files/fs_media/fs_document/Landowner-2021-Tax-Tips.pdf)
I have been in the Forestry business for 42 years, am a Registered Forester, and had a previous role in Timberland Accounting in my professional career. If I could get my hands on the people that created the tax laws that made growing and harvesting Timbers as complicated and convoluted as it now stands, I would hang them by their toes over a fire ant bed :(.
@Ron Scott (https://forestryforum.com/board/index.php?action=profile;u=2) , I just had Sue Metcalfe complete my timber tax and would highly recommend anyone in Michigan to contact her. Not cheap but far cheaper than the tax it would have been.
Yes, Sue Metcalfe specializes in Timber Taxes and can be very helpful in saving one tax dollars on their timber lands.
Hey all,
Please join us for a timber tax workshop!
Date: Monday, November 20, 2023Time: 5:30-7:30pmLocation: West Shore Community College, Downtown Manistee Education Center400 River Street, classrooms A & BManistee, 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. |
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Register Here (https://r20.rs6.net/tn.jsp?f=001-FonBlt0ls--6odK0KWlYuSNpApH8CxM6k-m68x3OxP2-xZJC_lZCuMaOdSd-lXTvNarduLVvd3dMBlluqJxyDsloW4BWJd-de3eyWVQguN7hJJ0dnSkdQldPFLlFVj3H70UWgxyaBWwrapRQTZHMk2wUZOYDxIK&c=x5MCCbu-pzh-rrRCmToyg1I8xD2S3MnOkrwWNuiMo9P2SORen2NXDA==&ch=D8xqTQ7QeCF6Zaky2abnIMHb8gPZeAuBETK35AsC9kNzgvTt9sbNuA==) |
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Thank you for your support!
Josh Shields, Ph.D.
Michigan Forestry Assistance Program (FAP)
.
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.
.
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.
.
Ok. Good suggestions, thanks.
.
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.
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