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Explains timber ownership categories and how purpose affects treatment as personal, investment, or business property. Details income types, including ordinary income versus capital gains, relevant elections, and common tax documents for each scenario. Includes guidance on depletion deductions and calculating timber basis, plus an example and a net investment income tax 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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\n3/27/19  \n\n| Timber Tax Issues |\n| --- |\n| § Timber Sales\u003Cbr>§ Expenses\u003Cbr>§ Form T (Timber)\u003Cbr>§ Form 1099 Reporting on Timber Sales\u003Cbr>§ Casualty Loss\u003Cbr>§ Reforestation Deductions\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\n3/27/19  \nTIMBER SALES  \n5  \n\n| Reporting Timber Sales |\n| --- |\n| Types of Income\u003Cbr>Ordinary Income:\u003Cbr>§ 10% -37%\u003Cbr>Long-term capital gains:\u003Cbr>§ 0%, 15%, 20%\u003Cbr>6 |\n\n3/27/19  \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\u003Cbr>7 |\n\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>8 |\n\n3/27/19  \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>§ Capital gain: appreciation of standing timber\u003Cbr>§ Ordinary income: income from felled timber\u003Cbr>Tax Code Sec. 631(a)\u003Cbr>9 |\n\n\n| Reporting Timber Sales |\n| --- |\n| Sale of Felled Business Timber\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>10 |\n\n3/27/19  \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>11 |\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>12 |\n\n3/27/19  \n\n| Timber Basis\u003Cbr>An Example |\n| --- |\n| § You bought 40 acres of timberland for $48,000 . |\n| § You also paid $1,900 fee for your consulting |\n| forester. |\n| Question: What’s your timber basis? |\n| 13 |\n\n\n| Fair Market Value |\n| --- |\n| Asset\u003Cbr>Fair Market Value (FMV)\u003Cbr>Proportion of FMV\u003Cbr>Land $15,000 34% Sawtimber $19,000 43% Pulpwood $10,000 23%\u003Cbr>$44,000 100%\u003Cbr>14 |\n\n3/27/19  \n\n| Timber and Land Basis |\n| --- |\n| Sawtimber: $49,900 cost x 43% = $21,457\u003Cbr>Pulpwood: $49,900 cost x 23% = $11,477\u003Cbr>Land: $49,900 cost x 34% = $16,966\u003Cbr>15 |\n\n\n| 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 then to set up my timber basis?\u003Cbr>Yes or No?\u003Cbr>16 |\n\n3/27/19  \n\n| Recover Timber Basis Through “Depletion” |\n| --- |\n| Timber basis /\u003Cbr>Timber volume\u003Cbr>\u003Cbr>“Depletion Unit”× Timber sold\u003Cbr>Depletion Deduction\u003Cbr>17 |\n\n\n| Quiz |\n| --- |\n| If you sold a portion of your timber, the basis for the entire property can be deducted from the income .\u003Cbr>True or False?\u003Cbr>18 |\n\n3/27/19  \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 (single taxpayer)\u003Cbr>or $250,000  (married filing jointly)\u003Cbr>19 |\n\n\n| An Example |\n| --- |\n| A Hypothetical Case:\u003Cbr>§ Husband and wife had $2","cbCaipOuam3V5If2","https://ap.wps.com/l/cbCaipOuam3V5If2","pdf",1785598,24,"English","# Disclaimer\n# Timber Tax Issues\n## Timber Sales\n## Expenses\n## Form T (Timber)\n## Form 1099 Reporting on Timber Sales\n## Casualty Loss\n## Reforestation Deductions\n# Timber Ownerships\n## Personal Property\n## Investment Property\n## Business Property\n# Reporting Timber Sales\n## Types of Income\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 Basis - An Example\n# Fair Market Value\n# Timber and Land Basis\n# Quiz\n# Recover Timber Basis Through “Depletion”\n# Net Investment Income Tax\n# An Example","[{\"question\":\"Why is the presentation disclaimer included?\",\"answer\":\"The discussion is educational and explicitly not legal or accounting advice, since tax treatment depends on each taxpayer’s facts and circumstances.\"},{\"question\":\"How do long-term capital gains tax rates relate to ordinary income in timber sales reporting?\",\"answer\":\"The slides distinguish ordinary income rates from long-term capital gains, listing 10%–37% for ordinary income and 0%, 15%, or 20% for long-term capital gains.\"},{\"question\":\"What does “basis” mean when calculating the depletion deduction for timber?\",\"answer\":\"Timber basis is the cost you paid for purchased property, or the fair market value of the timber at the decedent’s death for inherited property, which is then used to calculate depletion.\"}]","TIMBER TAX FILING FOR THE 2018 TAX YEAR | PDF",1789803579,8]