Alabama Extension is offering a workshop on timber tax and IRS reporting. This workshop is being offered through Zoom, an online video platform. This program has been approved by the Society of American Foresters and the Alabama State Board of Registration for Foresters for seven hours of Category 1 continuing education.
IRS guidance states that landowners who occasionally harvest timber do not need to report the timber sale on Form T. However, landowners must keep records that are equivalent to the information required on Form T. This workshop will explain the tax-related activities associated with owning and operating timber property and how to report those items to the IRS using form T and other forms.
Topics for the program include the
- acquisition of timberland and the allocation of basis between the timber and the land (Form T, Part I)
- use of separately identifiable properties
- calculation of depletion allowance (Form T, Part II)
- reporting of timber sale income (Form T, Part III and Form 4797)
- deduction of reforestation expenses (Form T, Part IV and Form 4562)
- treatment of other expenses (Schedule F).
Dates and Registration
There are two dates available to choose from for this workshop – August 11 and September 17. Each workshop lasts from 8:15 a.m. to 4:40 p.m. Attendance for each date is limited and registration is required. There is a $35 registration fee. When registering, select the date that you wish to attend