For those who have logged their properties in the past - do you have to pay taxes on the income? Are there any breaks? I was asked this by someone at work and did not know the answer but thought I may get it here.
Yes, you have to pay income taxes on the sale. And keep all receipts. The IRS compared what I filed compared to what the logger filed and somewhere in the process a few zeros were added to what the logger filed. Two years later the IRS sent me a huge bill for back taxes. Luckily I still had all the receipts and was able to back up my claim.
I would ask this question of the members of congress and the new administrations appointments. Apparently there are two sets of rules on who does and does not pay income tax. Seen another one this week in the paper that has not paid all of her taxes for three years.And she has been appointed to the Treasury of the United States. Maybe check with your congressman.