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Timber Tax Management for Family Forest Owners Manual

Timber Tax LLC is making available the information you need to benefit from the provisions of the Internal Revenue Code applicable to forest land owners.

The manual covers timberland acquisitions, record keeping, reforestation expenses, management and operating expenses, timber sales, casualty losses, land sales, exchanges, tax treatment of biofuels production and sales, carbon credits and the hobby loss rules | more information |

2012 Edition will be ready for shipping on February 8th!

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(Indiana Residents add 7% Sales Tax)

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Change in Form Used to Report Timber Gains and Losses on Schedule D

Securities brokers are required to report to the IRS and their customers the basis of customers’ securities sold during the tax year. Form 1099-B is used. This applies to securities acquired after 2010. Obviously this has no direct impact on the reporting of timber sales, but it did necessitate changes in Schedule D – Capital Gains and Losses. The change will allow IRS computers to match the basis reported on Schedule D, actually new Form 8949, with the basis reported by the securities brokers...| Read More |

Tax Simplification - Time to Prepare Our Case

It’s hard to imagine any circumstances under which our U. S. Senators and Representatives would have sufficient support from constituents to engage in a process leading to simplification. The sectors of our economy tied to specific tax provisions are endless. These provisions can all be justified individually. Usually it’s the critical nature of a sector to the viability of our economy and way of life. Others are based on attempts to strive for economic and social justice. The analogy of a blind person identifying an elephant by touch applies. The totality of our Federal tax system is the elephant in the room. The authors of Tax Foundation Special Report No. 138 estimate a Federal Income Tax compliance cost of a quarter-trillion dollars in 2004, increasing to almost half a trillion in 2015.