Monday, September 30, 2013

Tax Tips for Forest Land Owners 2013

While there's still time in the year to make tax-related decisions about your forest land, get these timber tax tips from USDA.

Download "Tax Tips for Forest Landowners for the 2013 Tax Year" and read up on such exciting topics as Basis and Timber Depletion Deductions.

Or read them to find out about something really practical, like how to deduct timber management expenses for things you were going to do anyway, such as the cost to protect the timber from insects or disease, control brush, do a precommercial thinning or maintain firebreaks.

Another resource: Washington DOR has also been very helpful to us in figuring out the tax implications of our management decisions. If you have a FPA permit then you're in touch with DOR every quarter. If not, don't hesitate to pick up the phone and call them. They have specialists who are very knowledgeable about timber topics.

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