How to claim a timber casualty loss.

When:

May 18, 2011 12:00 pm US/Eastern

Length: 01:00   (hh:mm)

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Author(s)/Presenter(s):

• Deborah A. Gaddis, PhD., Timber Taxation Specialist, Mississippi State University Extension

Damage and destruction of timber due to weather events, such as the recent storms, is considered a casualty loss. Claiming a timber casualty loss on the federal tax return is not as simple as determining the fair market value of the damaged timber. As a capital asset, the loss is determined by the loss in fair market value or the basis in timber, whichever is less. Determining the proper amount of loss to claim generally requires the assistance of a forester. In this webinar, Dr. Deborah A. Gaddis, Mississippi State University Extension Forestry’s timber taxation specialist, will explain basics of tax valuation of the loss and the correct way to take the deduction. The program is suitable for forest landowners, foresters, and tax preparers.