Rev. December 2013
These instructions explain how to complete Form T (Timber), which is used to report profit or loss from timber sales, reforestation activities, and land ownership changes. The form requires information about the location of the property, sales details, reforestation expenses, and land ownership transactions.
For each qualified timber property, report the account, block, tract, area or stand identification number, the kind of activity, the number of acres treated, and the total expenditures.
The aggregate amount of reforestation expenses which can be claimed on line 4a for any tax year cannot exceed $10,000 ($5,000 if filing status is married filing separately) for each qualified timber property.
The remaining costs can be amortized over an 84-month period using the half-year convention under section 194(a).
A qualified timber property is any land, including water, on which trees or other forest growth is or has been planted, cultivated, or growing under the supervision of an experienced forester. The QTP must be used primarily for raising trees or other forest growth for marketable timber.
Qualifying reforestation expenses include costs for the preparation of the site, seeds or seedlings, labor and tools, including depreciation of equipment used in planting or seeding.
Part V of Form 1040, Schedule I is used to report changes in land account including sales or exchanges.
Form T (Timber) is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form T (Timber) online
Delete filling session
Delete editing session
