Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber.
Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship and compliance to the tax law. This bulletin reviews the major federal income tax laws to help forest owners in filing their 2014 income tax returns.
While these guides can be very helpful, please feel free to contact anyone on our Timber and Other Natural Resources team to help with any specific tax questions or advice.