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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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