TaxesNew tax laws from the "Fiscal Cliff" legislation that affect forest landowners.
Linda Wang, National Woodlands, Winter 2013, p. 20-21.
part of the deal to avert the "fiscal cliff", Congress enacted sweeping
new tax laws. This article covers changes, including the long
term capital gains tax rate now at 15%, the estate tax exemption now at
$5 million, and other changes.
Income tax on timber for your 2012 tax return filing.
1-1/2 hour Webinar available online at any time. Presenters
Dr. Linda Wang and Dr. John Greene. Topics covered include tax
reporting on timber transactions as well as the latest sweeping tax law
changes from the "fiscal cliff" package. Sponsored by the US
Forest Service, Southern Regional Extension Forestry Office. Held
Feb. 13, 2013.
Taxing Family Forest Owners: Implications of Federal and State Policies in the United States.
B.J. Butler, P.F. Catanzaro, J.L. Greene, J.H. Hewes, et al. Journal of Forestry 110(7):371-380. 2012.
policies, in an of themselves, are not causing forest owners to take
unplanned actions such as prematurely selling their land or harvesting
trees. However, in combination with other factors, tax policies,
especially property tax policies, can influence ownership and forest
Tax Tips for Landowners for the 2012 Tax Year
is an annual publication with from the USDA Forest Service. It is
only 2 pages long and is worth checking if you have harvested timber
The U.S. Forest Service maintains a Taxation website with links to many resources.
The American Tree Farm System, in conjunction with the U.S. Forest
Service, sponsors "webinars" on topics of interest to tree
A past one on Timber Tax Basis may be of interest.
All ATFS webinars, past and present, are listed on the ATFS webinar page
How to Determine Your Woodland's Tax Classification by Linda Wang. Tree Farmer, Spring 2012, pages 44-45.
woodlands may be taxed under one of 3 classifications: personal
property, investment property or business property. Here are the
answers to some of the questions surrounding the classification system.
The Washington Department of Revenue
has a very good website that focuses on timber taxes in the state.
It includes links to several publications that may be of interest
if you are harvesting timber.
National Timber Tax Website
Very few sections of the Internal Revenue Code are written specifically
for timber. This means there is a considerable amount of interpretation
involved. This website was developed to be used by timberland owners,
as well as a reference source for accountants, attorneys, consulting
foresters and other professionals who work with timberland owners by
answering specific questions regarding the tax treatment of timber
Updated: March 18,, 2013