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Instruction T (TIMBER) (Rev. December 2005). Instructions For Form T (Timber) - Irs
Get Instruction T (TIMBER) (Rev. December 2005). Instructions For Form T (Timber) - Irs
Therwise noted. Future Developments For the latest information about developments related to Form T (Timber) and its separate instructions, such as legislation enacted after it is published, go to www.irs.gov/timber. General Instructions Purpose of Form Use Form T (Timber), Forest Activities Schedule, to provide information on timber accounts when a sale or deemed sale under sections 631(a), 631(b), or other exchange has occurred during the tax year. For additional information regarding fede.
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SGML FAQ
In this case, the sale of the timber may be subject to long-term capital gains tax rates, which are typically lower than short-term capital gains tax rates. To report the sale of timber on your tax return, you may need to file Form 4797 or use Schedule C and/or Schedule F.
You, as a forest owner, can depreciate most property used on your woodland if you hold the woodland as a business or as an investment. Property you acquire either new or used can be depreciated. Land cannot be depreciated, but Improvements with a determinable useful life, like fences, bridges.
“Timber depletion allowance” and “allowable timber basis” refer to deduction of a portion of timber basis from the net proceeds of a timber sale. The allowed deduction is based on the portion of the timber that was sold.
Once the timber proceeds qualify as a capital gain, determine the amount of the gain. Gross income minus depletion allowance minus cost of conducting the sale equals the net capital gain.
If you receive income from the sale of lumber, logs or other products produced by the timber itself then you report that income as Ordinary Income. It is also considered Ordinary Income if you sell non-timber forest products such as moss, ferns or medicinal products.
Once the timber proceeds qualify as a capital gain, determine the amount of the gain. Gross income minus depletion allowance minus cost of conducting the sale equals the net capital gain.
Use this form to provide information on timber accounts when a sale or deemed sale under Internal Revenue Code sections 631(a), 631(b), or other exchange has occurred during the tax year.
If you received money from the sale of timber, you'll probably get a Form 1099-S. Some people will get a 1099-MISC, which is (technically) the wrong reporting form for timber per the IRS. Money from a timber sale is reported as investment income.
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