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Q&A: Timber Tax Savings from Capital Gains

Q&A: Timber Tax Savings from Capital Gains

by Christmas Tree Tax Team | Jun 15, 2022 | Q & A, Saving Taxes, Timber Tax Resources

My last article analyzed the factors that affect how much money a Christmas tree grower can save by making a capital gain election. I often receive similar questions from forest landowners about how much money they can save on timber sales by qualifying for capital...
Q&A: Christmas Tree Farm Tax Savings From Capital Gain Method

Q&A: Christmas Tree Farm Tax Savings From Capital Gain Method

by Christmas Tree Tax Team | Jun 1, 2022 | Christmas Tree Tax Resources, Q & A, Saving Taxes

One question I receive frequently from Christmas tree growers is how much money can I save by switching to the capital gain method? A previous article analyzed how the average Christmas tree grower would save approximately $27,000 a year by switching to the...
Save Timber Taxes by Utilizing a 1031 (Like-Kind) Exchange

Save Timber Taxes by Utilizing a 1031 (Like-Kind) Exchange

by Christmas Tree Tax Team | May 14, 2022 | Saving Taxes, Timber Tax Resources

A 1031 exchange (also known as a “like-kind exchange”) allows a forest landowner to save taxes by exchanging timberland (or possibly timber) the landowner currently owns for other real property. Forest landowners who own appreciated timber or timberland are prime...
2022 PickTN Conference Presentations Download

2022 PickTN Conference Presentations Download

by Christmas Tree Tax Team | Feb 19, 2022 | Christmas Tree Tax Resources, Live Presentations, Saving Taxes

Want a copy of the slides I presented at the 2022 PickTN Conference on February 19th? Download the slides below! PickTN Profitability PresentationDownload PickTN Top 5 PresentationDownload Are you subscribed to my email newsletter? If not, sign up...
2022 WCTPA Winter Convention Presentation Download

2022 WCTPA Winter Convention Presentation Download

by Christmas Tree Tax Team | Jan 22, 2022 | Christmas Tree Tax Resources, Live Presentations, Saving Taxes

Want a copy of the slides I presented at the 2022 Wisconsin Christmas Tree Producers Association Winter Convention on January 22nd? Download the slides below! 2022 WCTPA Winter Convention PresentationDownload Are you subscribed to my email newsletter? If not, sign up...
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RECENT POSTS

How to Save Taxes & Improve Cash Flow in 2024

Author's Note: This article first appeared in the Great Lakes Christmas Tree Journal. Summary Christmas tree growers should utilize bonus depreciation, 179 expense, and the De Minimus Safe Harbor Election when possible to improve cash flow. Also, tax law allows most...

Q&A – Depletion Blocks vs. Depletion (Timber) Accounts

The difference between depletion blocks and depletion accounts is often confused by forest landowners and Christmas tree growers.  As a quick reminder, basis is the measure of an individual’s investment in an asset, or the amount of money that has already...

The Best Bookkeeping System for Christmas Tree Growers (Updated for 2023)

Overview The proper bookkeeping system can make a significant difference in a Christmas tree grower’s life.  One comment I often hear from growers is “I just want to focus on farming, not bookkeeping.” (If this sounds like you, make sure to read all the way to...

The 3 Types of Qualifying Reforestation Expenditures

There are 3 main types of reforestation expenditures that qualify for accelerated deduction under Internal Revenue Code (IRC) § 194. Forest landowners and their advisors frequently ask me questions about qualifying reforestation expenditures. One of the most common...

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The information presented on this website is for informational purposes only and is not intended to provide specific tax or legal advice, or create a professional/fiduciary relationship, including an attorney/client relationship.

Each tax situation is different and consultation with your own personal tax professional is strongly recommended before acting on any of the information provided on this website. Tax laws change frequently and the information on this website is only accurate as of the date the individual articles are published.

In particular, the IRS requires us to advise you no person or entity may use any tax advice in this website to (i) avoid any penalty under federal tax law or (ii) promote, market or recommend any purchase, investment or other action.

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