Helping Nonindustrial Forestland Owners Save Taxes on Timber Sale Income: The Role of the Basis

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Abstract:

Taxpayers who want to minimize income taxes on the proceeds from a timber sale should take all deductions to which they are entitled, including deducting the "allowable basis for recovery" (or basis) in the timber being sold. A model and method are presented for providing a rough estimate of the value of state and federal taxes that might be saved as a result of taking this deduction under different tax circumstances. If the original cost basis in the timber was not established at the time of acquisition, the method can also be used to estimate how much the landowner can afford to pay someone to try to reconstruct the basis. While the method does have limitations, it can provide foresters with a useful tool for assisting forest landowners with their tax management decisions. North. J. Appl. For. 14 (2):84-89.

Document Type: Journal Article

Affiliations: Department of Forest Ecology and Management, University of Wisconsin-Madison, 1630 Linden Drive, Madison, WI 53706

Publication date: June 1, 1997

More about this publication?
  • Each regional journal of applied forestry focuses on research, practice, and techniques targeted to foresters and allied professionals in specific regions of the United States and Canada. The Northern Journal of Applied Forestry covers northeastern, midwestern, and boreal forests in the United States and Canada.
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