Taxes

I hope most of you don’t need to read this but we need to talk about what to do if you had fire on your property in 2015.  Normally, taxpayers are only able to recover their investment in timber at the time of a harvest.  This is done through the use of depletion.  However, if you have a loss on your property, you can also reclaim some of that investment in the form of a casualty loss deduction.

A special provision allows you to deduct up to $10,000 in reforestation expenditures per tax year, per qualified timber property.

That’s right, it is tax time again. I know, you didn’t need me to remind of you of that. For those of you who had a timber sale in 2014, you will need to report that income on your 2014 tax return.

Linda Wang provides key financial/tax considerations for managing your woods.

Guidelines and assistance to private forest owners and their professional advisors on the application of estate planning techniques to forest properties.

Information about the Washington State - Idaho State Field Day taking place near Newport, WA on June 16, 2012