Taxes

Originally shared by the Maine Forest Service on February 21, 2023

By Nichole Henger, Forestry Program Coordinator for the St. Croix River Assocation

Save the Date!

More details at www.DelawareHighlands.org/watw

This workshop will be hosted in Blakely, Georgia, which was heavily impacted by Hurricane Michael this past fall.

Did you sell timber in 2018? Did you lose trees to a hurricane, fire, or other natural disaster? Do you know how to report these changes on your income tax return?

You're in luck. The USDA Forest Service has produced a tips sheet on Tax Tips for Forest Landowners for the 2018 Tax Year. This quick guide has information on:

This past September marked the 5th Women and Their Woods Educational Retreat hosted by the Delaware Highlands Conservancy. The event this year was held at the Highlights Family Foundation's Workshop Facility in scenic Wayne County, PA.

Income Tax Deduction on Timber and Landscape Tree Loss from Casualty

Timber or landscape trees destroyed by the hurricane, fire, earthquake, ice, hail, tornado, and other storms are “casualty losses” that may allow the property owners to take a deduction on their federal income tax returns.

High winds and saturated soils can result in damage to forest and yard trees. In terms of repairing the damage to your landscape, safety is of utmost importance. The first thing many people do is grab the chain saw.

Sweeping overhaul of the Tax Code passed by Congress in December 2017 has triggered a significant number of questions. There is confusion about how the 2018 tax changes will affect forest landowners.

Women and Our Woods Workshop for Women Woodland Owners

Hidden Valley Nature Center  131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00

$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students    Scholarships available!!

Women and Our Woods

Women and Our Woods Workshop for Women Woodland Owners

Hidden Valley Nature Center  131 Egypt Rd., Jefferson, ME 04348, July 30, 2016, 9:00-4:00

$45 ($40 for HVNC, Midcoast Conservancy, MOFGA, MFLT members), $25 Students    Scholarships available!!

Women and Our Woods

Empowering Maine’s women woodland owners to steward our forestlands

As a forest landowner, you must keep good records in order to take maximum advantage of the special tax treatments available for timber. At a minimum, you should keep a tree farm journal that lists all activities, costs, and incomes from the forest (see example below). You also should have accounts for land, timber, and other capital assets. When setting up timber basis accounts, it is a good idea to use Form T Forest Activities Schedule as a guide. It may be required when claiming depletion of the timber basis after a timber sale or loss.