"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote:
- quote -

Thanks for the good suggestions. I certainly don't want to
use F or C where unnecessary because of the multi
complications. I made good use of the recommended
reforestation tax publication and have checked TurboTax in
addition to TaxAct. Found the needed forms, which were not
supported in TA, including 3468, in TT but they are not yet
updated for 2003, so I'm waiting for an update. The final
forms are available at the IRS site so wonder why the Tax
software people can't be more prompt.

Frustrating. I hate waiting when I'm ready to do something!

JT

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D. Stussy wrote:
- quote -

OP was referring probably to he initial planting before ever
engaging in the logging business. Such is common down in
these parts. Of course in many cases the taxpayer never
actually does harvest any trees for sale. But over the 7
years he's written off, amortized, the expenditures.

Cheer$,
Harlan Lunsford, EA n LA

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JT wrote:

- quote -

You report it on Schedule C or F (probably C) for your
logging business (or whatever activity it was that
deforested the land in the first place).

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JT wrote:

- quote -

line 21 on a separate list which also includes the
amortzation amount. net amount to line 21.

- quote -

Hmmm, you may be right. HOWEVER, we amortize because the
expenditures benefit over a long period of time.

Cheer$,
Harlan Lunsford, EA
Phenix City, AL

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"JT" <afn17434[at]afn.org> wrote:

- quote -

See Cost-Sharing on page 11 of the NCSU booklet at:

http://www.ces.ncsu.edu/nreos/forest...and/ag-296.pdf

Drew Edmundson, CPA (NC)

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My wife and I planted (actually, contracted the planting)
35,000 longleaf pine trees in 2003 and applied for and
received partial reimbursement for the expense from the U.
S. Department of Agriculture. We received a 1099-G for this
taxable grant. My tax software (TaxAct) will only recognize
the 1099G as a state or local tax refund, which in this case
it is not. Where and how do I report this item? The two
places that look reasonable are lines 10 and 21 on form
1040. Advice appreciated.

FWIW, and IMHO, is the requirement of paying tax on the
reimbursement immediately but amortizing the expense over
seven years is inequitable!

JT

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