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It explains taxable treatment of standing timber in different contexts (investment, business, and felled business timber), highlights deductible expenses and casualty/theft loss considerations, and covers reforestation deduction approaches. The session also addresses basis and depletion calculations, timber ownership distinctions, and record-keeping rules, plus net investment income tax 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this guidance legal or accounting advice?","Question",{"text":108,"@type":109},"No. The materials state the discussion is educational and not legal or accounting advice, since taxpayers’ facts and circumstances affect how tax law applies.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How is standing timber treated when sold as an investment?",{"text":113,"@type":109},"Sale of standing timber held as an investment is treated as a capital gain, with reporting using Form 1040 Schedule D and Form 8949 as applicable.",{"name":115,"@type":106,"acceptedAnswer":116},"Who must issue Form 1099-S for timber sales?",{"text":117,"@type":109},"Form 1099-S reporting identifies the responsible parties for closing, including the closing person (attorney or title company), the mortgage lender, brokers for seller and buyer, and the 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Service  \n\n| Disclaimer |\n| --- |\n| Today’s discussion is educational, NOT legal or accounting advice, since the facts and circumstances of each taxpayer’s individual situation need to betaken into consideration for exact application of the tax law.\u003Cbr>2 |\n\n2/17/17  \n\n| Topics |\n| --- |\n| Timber Tax Reporting\u003Cbr>§ Reporting Timber Sales\u003Cbr>§ Form T (Timber)\u003Cbr>§ Form 1099 Reporting on Timber Sales\u003Cbr>§ Deductible Expenses\u003Cbr>§ Casualty and Theft Loss\u003Cbr>§ Taking Reforestation Deductions\u003Cbr>Special Topics\u003Cbr>§ Tax Reform Issues for Forest Owners and Industries\u003Cbr>Bonus\u003Cbr>§ Record Keeping Rules\u003Cbr>3 |\n\n\n| Timber Ownerships |\n| --- |\n| Personal Property\u003Cbr>§ Your main purpose of land ownership is for personal enjoyment, not for profit\u003Cbr>Investment Property\u003Cbr>§ Your main purpose of owning timber is to generate profit\u003Cbr>Business Property\u003Cbr>§ Your main purpose is to generate profit\u003Cbr>§ Your activity is more frequent and regular than investment\u003Cbr>4 |\n\n2/17/17  \n\n| Reporting Timber Sales |\n| --- |\n| Tax Rates\u003Cbr>Ordinary Income:\u003Cbr>§ 10% -39. 6%\u003Cbr>Long-term capital gains:\u003Cbr>§ 0%, 15%, 20%\u003Cbr>5 |\n\n\n| Reporting Timber Sales |\n| --- |\n| Sale of Standing Timber as Investment\u003Cbr>§ Sale of standing timber held as an investment is a capital gain\u003Cbr>§ Form 1040 Schedule D Form 8949, as applicable\u003Cbr>6 |\n\n2/17/17  \n\n| Reporting Timber Sales |\n| --- |\n| Sale of Standing Timber in Business\u003Cbr>§ Sale of standing timber held in a business is a capital gain if it’s held for more than 1 year\u003Cbr>§ Tax Form 4797 Schedule D\u003Cbr>Tax Code Sec. 631(b)\u003Cbr>7 |\n\n\n| Reporting Timber Sales |\n| --- |\n| Sale of Felled Business Timber\u003Cbr>Special Election\u003Cbr>§ All gains are ordinary income unless a sec. 631(a) election is made\u003Cbr>Tax Forms\u003Cbr>§ Make a sec. 631(a) election by checking the YES box on Form T\u003Cbr>§ Form 4797\u003Cbr>§ Form 1040, Schedule C\u003Cbr>Tax Code Sec. 631(a)\u003Cbr>8 |\n\n2/17/17  \n\n| Reporting Timber Sales |\n| --- |\n| Taking Depletion Deduction\u003Cbr>§ Depletion is a deduction from the timber sale income.\u003Cbr>§ Depletion is calculated using the timber basis.\u003Cbr>9 |\n\n\n| Reporting Timber Sales |\n| --- |\n| What is “Basis”?\u003Cbr>For purchased property\u003Cbr>§ Your timber basis is the cost you paid for the property\u003Cbr>For inherited property\u003Cbr>§ Your timber basis is the fair market value of the timber on the date of the decedent’s death\u003Cbr>10 |\n\n2/17/17  \n\n| Timber and Land Basis: An Example |\n| --- |\n| Original Basis\u003Cbr>Land . . . . . . . . . 50 acres $17,000 Sawtimber . . . 100 MBF $20,000 Pulpwood . . . . 1000 cords $11,000\u003Cbr>$48,000\u003Cbr>11 |\n\n\n| A Quiz |\n| --- |\n| If I inherited the timber property 10 years ago, does this mean I have to go back 10 years to estimate the fair market value of my timber to set up my timber basis?\u003Cbr>Yes or No?\u003Cbr>12 |\n\n2/17/17  \n\n| Reporting Timber Sales |\n| --- |\n| 3.8% Net Investment Income Tax\u003Cbr>§ The tax is imposed on the lesser of:\u003Cbr>o Net investment income for the year or\u003Cbr>o The excess of modified adjusted gross income over $200,000 ($250,000 joint filers)\u003Cbr>13 |\n\n\n| An Example |\n| --- |\n| Facts\u003Cbr>§ Husband and wife had $270,000 adjusted gross income, including $50,000 capital gains.\u003Cbr>Analysis\u003Cbr>§ The excess of $270,000 over $250,000 threshold is $20,000 .\u003Cbr>§ Thus, their net investment income tax is $760 (or 3 .8% of $20,000)\u003Cbr>14 |\n\n2/17/17  \n\n| Quiz |\n| --- |\n| If your adjusted gross income is less than $200,000, your capital gains are not subject to the 3.8% net investment income tax.\u003Cbr>True or False?\u003Cbr>15 |\n\n\n| What Is Form T (Timber)? |\n| --- |\n| Forest Activities Schedule\u003Cbr>This tax form has five parts:\u003Cbr>§ Acquisition\u003Cbr>§ Timber Depletion\u003Cbr>§ Profit or Loss from Land and Timber Sale\u003Cbr>§ Reforestation and Timber Stand Activities\u003Cbr>§ Ownership\u003Cbr>16 |\n\n2/17/17  \n\n| Who Must File Form T? |\n| --- |\n| Complete Form T only if you:\u003Cbr>§ claim depletion deduction of your timber\u003Cbr>§ sell fel","cbCairiPRCMZ5hpx","https://ap.wps.com/l/cbCairiPRCMZ5hpx","pdf",253424,20,"English","# Disclaimer\n# Topics\n## Timber Tax Reporting\n## Special Topics\n## Bonus\n# Timber Ownerships\n# Reporting Timber Sales\n## Sale of Standing Timber as Investment\n## Sale of Standing Timber in Business\n## Sale of Felled Business Timber\n## Taking Depletion Deduction\n# What Is “Basis”?\n# Timber and Land Basis: An Example\n# A Quiz\n# 3.8% Net Investment Income Tax\n# An Example\n# What Is Form T (Timber)?\n# Who Must File Form T?\n# Form 1099-S Reporting","[{\"question\":\"Is this guidance legal or accounting advice?\",\"answer\":\"No. The materials state the discussion is educational and not legal or accounting advice, since taxpayers’ facts and circumstances affect how tax law applies.\"},{\"question\":\"How is standing timber treated when sold as an investment?\",\"answer\":\"Sale of standing timber held as an investment is treated as a capital gain, with reporting using Form 1040 Schedule D and Form 8949 as applicable.\"},{\"question\":\"Who must issue Form 1099-S for timber sales?\",\"answer\":\"Form 1099-S reporting identifies the responsible parties for closing, including the closing person (attorney or title company), the mortgage lender, brokers for seller and buyer, and the buyer.\"}]","Timber Tax Filing - for the 2016 Tax Year | PDF",1789803587,7]