::) this last year a logger cut several thousand dollars worth logs off our farm on a 50 - 50 basis , how do i figure my taxes , does this encome have to be reported all of it for 2012 or can it be apportinoned out over several years some of these logs were close to 100 years old ,and their will be no log income off this farm in myy lifetime ,it doesent seem right to have to report it as earned income for 2012 ,and also the doller amount it devalued the farm should be considered,my question how do i report this for tax purpose :embarassed: :embarassed: 8)
I have someone do my taxes. I had some cut the same way. He did it somehow that saved me a pile of money. If you can not do it yourself it's worth the $100-200 to have someone that knows do it. I'm talking saving you 1000's. I have no idea what your "farm" is, but that's why you pay someone the big bucks to help you out on that. I doubt it can be spread out,but that's what the tax guy is there for. Find a good one too.not at walmart either. A good one will work for you and really ask questions and help you out. Not just work with what you give them.
Polly, I used a CPA in Maysville a few years ago. Susan Houghaboo(sp). Cost a $100.00, Saved me thousands.
Since this is under Health and Safety, I assume it's a high blood pressure event. ;D
Seriously though, contact a tax expert. Ron Scott has a thread going on Timber Tax.
It's a bit different in Canada. Farmers and logging businesses have some breaks, but for the fella that liquidates or cuts once in his lifetime it's straight income tax because it's not considered a business where he is dependent on it for income periodically.
In my experience the value as a farm, with cultivated land is in the cultivable land. Most farm sales around here result in the timber most always being liquidated before any sale. It is getting very rare around here to buy a farm now with standing timber left on it. If it is, it is usually poor wood or hard to get or low value. That's how I see it in my area. Depends on the location I suppose, like most anything.
We have a member new to the forum in NS that had a hard time just finding a decent piece of land, and even then it had been all cut off.
8) yes i used to go to susan , i go to randy anderson now he is down in the old medical bldg next to the floodwall awful good man , i was just kind of wondering in the meantime , i gathered up all my farm expense today ,and if i have to count the log money ,i will come out in the black first time ::) ::) 8) ever