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All in-person Extension events through August 8 are canceled due to coronavirus concerns. Contact your county Extension office about specific events.

July 23, 2020

Timber Tax and IRS Reporting

Approved by SAF and AL Board for 7 hours of Category 1 CE. Income tax implications of forest operations and how to report them to the IRS
Is your timber property a business, investment or hobby and can you deduct losses?
Acquiring land (purchase, gift, inheritance) and allocating basis – Form T (Timber), Part I
Do you need to file Form T
Timber accounts and separately identifiable property
Calculating depletion allowance, Form T, Part II
Reporting timber sale income, Form T Part III and Form 4797
Site preparation and planting expenses, Form T Part IV and Form 4562
Reporting intermediate cultural treatments, road construction, consulting forester expenses, timber cruise expense and surveys
Sale and exchange of property

Contact:
Robert Tufts
tuftsra@auburn.edu
(334) 734-2120

Register Online

$35 Farming, Forestry & Wildlife, Livestock, Online, Statewide