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This note explains the benefits of establishing a timber basis for tax and casualty loss benefit. Step by step examples are offered for owners to understand the process of calculating a basis and adding and depleting it when managing or harvesting timber, respectively. Finally, a copy of the federal Internal Revenue Service Form T (Timber) is provided to show how to document the establishment of a basis with tax authorities or for your personal records.
On May 28, 2009, new rules for reporting of lump-sum timber sales went into effect. This document outlines these new rules.
To begin an estate plan, identify your goals and gather needed information before seeking professional advice. Schedule a family meeting to begin shaping your objectives. The checklist of estate objectives and other guidance in this publication will help you begin.
This factsheet covers solar and wind energy tax implications for landowners, businesses, and government.
This factsheet covers personal property tax evaluation for solar equipment on farms.