Christian Posted February 26, 2021 Report Share Posted February 26, 2021 Is reforestation expense still subject to being amortized over 81/2 years? Quote Link to comment Share on other sites More sharing options...
Christian Posted February 26, 2021 Author Report Share Posted February 26, 2021 As this involves only about $2,500 I read it can simply be expensed likely on the Other Income line of the Form 1040. Quote Link to comment Share on other sites More sharing options...
Christian Posted February 26, 2021 Author Report Share Posted February 26, 2021 Lastly I see he gets a 10% tax credit for reforestation and the credit is reportable from Form 3468. In reviewing the form I find no reference to reforestation. Does anyone have knowledge as to exactly how this should be reported ? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted February 27, 2021 Report Share Posted February 27, 2021 On 2/26/2021 at 2:33 PM, Christian said: 10% tax credit for reforestation That was repealed awhile back, AJCA 2004 I think. Currently you can expense $10,000 per year, balance is amortized 84 months. Pub 225 should tell you what you need to know, different rules for trust etc. I don't have the code section handy. Quote Link to comment Share on other sites More sharing options...
Christian Posted February 28, 2021 Author Report Share Posted February 28, 2021 Thanks for the info. The credit was repealed so he will not get that and if he receives reimbursement he has no deduction. Quote Link to comment Share on other sites More sharing options...
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