So often an overlooked area during tax time are the effects on their taxes that a forestland owner faces. The Virginia Department of Forestry (DOF) has several resources for forestland owners during tax season. These helpful items from both the USDA Forest Service and DOF can help save landowners money and headaches.
Determining your tax basis and other questions are covered in these easy-to-follow documents.
- Federal Income Tax on Timber – A Key to Your Most Frequently Asked Questions (PDF, 30 pp., 973KB, October 2012)
- Forest Landowners’ Guide to the Federal Income Tax – 2013 Edition (PDF, 164 pp., 9MB, March 2013)
- Tax Tips for Forest Landowners – 2012 Tax Year (PDF, 2 pp. 302KB, Sept. 2012)
- Agriculture Handbook 718, titled, “Forest Landowners’ Guide to the Federal Income Tax,”Topics covered include property exchanges, casualty losses, conservation easements, self-employment taxes, alternative minimum tax for individuals, Christmas tree production, and a system for record keeping. (English; PDF format)