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Keeping More of Your Timber Income Following a Timber Sale
February 8 @ 1:00 pm - 2:00 pmFree
This webinar is the fourth of five in the “Forestry Taxes: Learn, Plan & Save Money Webinar Series.” Learn about one of the top ways forest landowners save taxes—receiving capital gain treatment on timber sales. A landowner may only sell their timber a few times in their life, but understanding how to maximize profit and minimize taxes when harvesting takes some thought. Join this presentation for a detailed discussion of how to qualify for capital gain treatment under IRC 631(a) & (b), recordkeeping tips, and proper tax reporting. Tax treatments of cost-sharing payments will also be covered briefly.
Many forest landowners pay more taxes on their timber than they should. Accountants can help to calculate taxes, but forest landowners need to understand how timber expenses should be reported, and how they are taxed. Saving money on timber taxes starts by keeping good records and knowing how tax rules will affect your bill. The Woodland Stewards Regional Extension Program for Landowners was developed by a collaborative team of forestry Extension professionals from eleven different organizations. This is the fourth year of the series and other webinars from the current and past series can be accessed on the Webinar Portal.