Every fall, Linda Wang, national timber tax specialist, and John Greene, research forester for the U.S. Forest Service Southern Research Station (SRS), prepare tax tips specifically for forest landowners. These tips are published as a Technology Update by Forest Service Southern Region.
Federal income tax law contains provisions to encourage stewardship and management of private forest land. The primary goal of the tax update is to provide forest landowners and their advisors with timber tax information they can use to file their 2012 income tax returns. The update includes sections on timber sales, timber basis and depletion deductions, timber management expenses, reforestation costs, timber casualty and theft losses, and other topics. Most sections include specific examples with calculations and references to tax return schedules.