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Author Topic: Taxes on Timber sales  (Read 12779 times)

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Offline mike_belben

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Re: Taxes on Timber sales
« Reply #40 on: October 08, 2021, 02:07:15 PM »
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?
Isaiah 63:10

Offline Wudman

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Re: Taxes on Timber sales
« Reply #41 on: October 08, 2021, 09:04:25 PM »
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".)
You may tear down statues and burn buildings but you cant kill the spirit of patriots and when theyve had enough this madness will end.
Charlie Daniels
July 4, 2020 (2 days before his death)

Offline Ron Scott

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Re: Taxes on Timber sales
« Reply #42 on: October 09, 2021, 01:14:28 PM »
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.

Offline WDH

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Re: Taxes on Timber sales
« Reply #43 on: October 10, 2021, 10:04:25 AM »
Given tree growth, form, and taper, a Forester can rebuild the stem from the stump diameter and develop a good estimate of that trees 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.  
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Offline Ron Scott

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Re: Taxes on Timber sales
« Reply #44 on: October 10, 2021, 02:07:22 PM »
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.
~Ron

Offline Ron Scott

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Re: Taxes on Timber sales
« Reply #45 on: November 29, 2021, 12:35:22 PM »
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.
 
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
Manistee Conservation District website: http://www.manisteecd2.org/
Mason-Lake Conservation District website: http://www.mason-lakeconservation.org/
~Ron


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