Timber Tax Update for 2011 Tax Filing Season
The American Tree Farm System joined together with tax experts from the US Forest Service to provide webinars that will assist our Tree Farmers as they complete their 2011 taxes. Together with our partners, we work to ensure our Tree Farmers have the tools that they need, when they need them.
Webinar Description
The Timber Tax Update for 2011 Tax Filing Season webinar was held on February 29, 2012. The powerpoint presentation slides are now available. Watch the webinar below.
Linda Wang and John Greene discussed how the tax rules for timber differ significantly from the general tax rules for other activities, how the federal income tax laws on timber transactions that affect your 2011 tax return filing. They also explained the tax laws on timber income and deductions, provide practical tips, and answer questions.
Resources Discussed in this webinar
- Example Tax Forms from the examples in John Greene's portion of the webinar
- Tax Tips for Forest Landowners for the 2011 Tax Year
- Federal Income Tax on Timber: A Key to Your Most Frequently Asked Questions
- A detailed, step by step exclusion calculation, can be found at Ag Handbook 718 under "Government Program Payment" starting on page 58.
- Information on Depletion Deduction
- National Timber Tax Website: www.timbertax.org
CFE Credits
This webinar is eligible for 1.5 category 1 SAF CFE. These credits are available for one month after the original webinar date by watching the recordings. Please be sure to fill in your member information when you sign in to watch the recording.
Presenters' Bios
Linda Wang is National Timber Tax Specialist with USDA Forest Service in Washington D.C. She is the author for the latest edition of Federal Income Tax on Timber, A Key to Your Most Frequently Asked Questions, a timber tax publication. She is the co-author of the annual Tax Tips for the Forest Landowners article. She has a Ph.D. in Forest Economics and a CPA certificate in Washington State.
John Greene is a Research Forester at the USDA Southern Research Station in North Carolina. He is the co-author for Forest Landowner's Guide to the Federal Income Tax, Estate Planning for Forest Landowners, and co-author of the annual Tax Tips for the Forest Landowners. He holds a Ph.D. in Forest Economics.
