dmccarty
Super Star Member
This is for Gordon and other Forester types....
I timbered some land last year and I'm trying to figure out the tax implications. Heck, I have been trying to figure out the tax implications for a year!
My forester says I don't owe taxes since I bought the land/timber in the same year I logged the property. I can see how this MIGHT happen I just don't see how it applies to me specifically. I have talked to my forester's CPA and he sent me some forms but they are for business timber production. I have talked to CPA's but when I mention timber they don't have a clue. I know more than they do. Not a good thing.
I have read the Purdue Forestry Tax Web site but it leads me to different conclusions. I even went to a Timber Tax workshop a week or so ago but it did not really answer my questions. I'm trying to get ahold of the teacher of the class but have not had a chance to do so.
I can argue I owe taxes. I can also argue I don't owe taxes. That is not good! I'm trying to find as much information on this as I can. I really don't want the IRS after me!
So, if you purchase the land/timber in the year it was logged does the basis of the purchase balance out the purchase price of the timber?
Are there anyother web sites regarding timber tax issues?
Thanks....
Dan CrossEyedAboutTimberTaxes McCarty
<P ID="edit"><FONT SIZE=-1>Edited by dmccarty on 02/14/01 02:37 PM (server time).</FONT></P>
I timbered some land last year and I'm trying to figure out the tax implications. Heck, I have been trying to figure out the tax implications for a year!
My forester says I don't owe taxes since I bought the land/timber in the same year I logged the property. I can see how this MIGHT happen I just don't see how it applies to me specifically. I have talked to my forester's CPA and he sent me some forms but they are for business timber production. I have talked to CPA's but when I mention timber they don't have a clue. I know more than they do. Not a good thing.
I have read the Purdue Forestry Tax Web site but it leads me to different conclusions. I even went to a Timber Tax workshop a week or so ago but it did not really answer my questions. I'm trying to get ahold of the teacher of the class but have not had a chance to do so.
I can argue I owe taxes. I can also argue I don't owe taxes. That is not good! I'm trying to find as much information on this as I can. I really don't want the IRS after me!
So, if you purchase the land/timber in the year it was logged does the basis of the purchase balance out the purchase price of the timber?
Are there anyother web sites regarding timber tax issues?
Thanks....
Dan CrossEyedAboutTimberTaxes McCarty
<P ID="edit"><FONT SIZE=-1>Edited by dmccarty on 02/14/01 02:37 PM (server time).</FONT></P>