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Taxes

In December 2010, Congress passed a tax package that, for the most part, fixes the Estate Tax issue for the next 2 years.  The American Forest Foundation, sponsor of the American Tree Farm System, will continue to press for a permanent solution, like the Family Farm Estate Tax Deferral Act (S. 3664/H.R. 5475), introduced by Senators Feinstein and Crapo, which would exempt family forest owners and farmers from the estate tax if they keep the land in their family and as forest or farm. 

The Washington Department of Revenue has a very good website that focuses on timber taxes in the state.  It includes links to several publications that may be of interest if you are harvesting timber.

Tax Tips for Landowners for the 2011 Tax Year is an annual publication with from the USDA Forest Service.  It is only 2 pages long and is worth checking if you have harvested timber this year.

National Timber Tax Website

Very few sections of the Internal Revenue Code are written specifically for timber. This means there is a considerable amount of interpretation involved. This website was developed to be used by timberland owners, as well as a reference source for accountants, attorneys, consulting foresters and other professionals who work with timberland owners by answering specific questions regarding the tax treatment of timber related activities.




Updated: November 11, 2011
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