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Financial Planning / Tax Strategies
|Subject: Re: bought forest property||Date: 2/15/2013 12:27 AM|
|Author: katiewa||Number: 117780 of 125707|
One thing I haven't seen mentioned is property taxes. In Idaho, you have two options for property taxes on forested land--pay higher taxes now, or pay lower taxes now and pay some additional when you sell either the land or the timber.
The tax information for forestry stuff is hard to come by. The Form T is a good start, along with Publications 225 (Farmer's Tax Guide) and 535 (Business Expenses). You will need to read very carefully, as much of the information will appear to be contradictory initially.
Also, check with your county extension agent--ours tend to be really good. They might also have access to grant information or tax programs that will pay you to help you get started; to agree not to disturb portions of your land; to fallow your land; to use natural/limited pesticides (like birds :-)); to encourage wildlife; etc. If your state's agricultural department has a website, might be able to find out some stuff there. If you have a land-grant university nearby, the school of agriculture might have some information.
Have fun planting those 900 walnut trees!!!
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