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FAQ I Have Recently Purchased/Inherited Some Forest Land. What's Next?
Bob always offers great advice that may be pertinent to this area of the US as well as his. I hope that by sharing this, one of my clients or neighbors can benefit from this, too!
FAQ - I Have Recently Purchased / Inherited Some Forest Land. What Should I Do With It?
 
Often times I get calls from people who have recently acquired a parcel of Forestland and recognizing that they have a prized asset, seek to find some expert advice on how to maximize this asset.

 
 
 
The first critical step is to have an appraisal completed.
The best time to have an appraisal is before purchasing a property, but if this has not been done then the second best time is NOW.
Folks who have an appraisal completed before the purchase often do it at the insistence of their lender, to substantiate the collateral for a purchase loan.
But there is a second reason to have an appraisal done when purchasing or inheriting land that is to establish a “timber basis” for the IRS.
If a basic is correctly established at the time that the property is acquired then you can use the depletion allowance ... more

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