After reading What is Basis and Why Does It Matter, you’re probably asking yourself, how do I calculate timber basis? As discussed in my previous...
Timber Tax Resources
IRS Extends 2020 Tax Deadline to May 17 – Do This With the Extra Time
The IRS announced today that the 2020 federal tax filing deadline has been extended from April 15 to May 17, 2021. The extension is automatic;...
This One Tax Return Mistake Could Cost Thousands
This one simple mistake on a Christmas tree grower’s or forest landowner’s tax return could result in losing thousands of dollars. Many...
What is Basis and Why Does it Matter? – Back to Basis (Part I)
An accurate timber basis is extremely important for every forest landowner. After my webinar on the Top 5 Ways Forest Landowners Save Taxes, I...
Q&A: How Are Cost-Share Payments Taxed?
A common question forest landowners ask me is: how are cost-share payments taxed? Are the payments capital gain or ordinary income? The short answer...
Q&A: Deducting the Cost of Forest Roads
A question I frequently receive from forest landowners is: can I deduct the cost of forest roads on my tax return? Generally, a forest landowner may...