UNH Cooperative Extension and Oregon State University have released a quick reference factsheet that helps tax preparers, landowners, foresters and others identify how timber income and expenses are commonly classified and the associated federal income tax forms to fill out based on likely scenarios.
Andrew Fast, a UNH Cooperative Extension forester for Belknap and Strafford Counties and an author of the publication, is excited to share this quick guide. “Tax law is complex, and can be overwhelming,” said Fast. “This guide greatly simplifies the process of properly classifying income from selling timber. It can serve as a reference to tax preparers, helping their confidence and efficiency around timber income tax filings. We hope it supports more accurate filings to avoid unnecessary overpayments while also helping landowners meet tax obligations required by law.”
The four-page, full-color factsheet uses a series of questions to guide the user. By answering questions at each level of the diagram, users can identify how timber income and expenses are commonly treated and the associated IRS forms to fill out.
The guide is available online.
Physical copies are available by emailing forest.info@unh.edu.
