An upcoming seminar at the University of Illinois Extension Office in Carrollton will help local timber owners maximize their sale potential and navigate the tricky world of Illinois taxes. The Timber Sales and Taxes Seminar will be held on Saturday, February 15th from 9AM to Noon.
Morgan County U of I Extension Office lead Duane Friend says the seminar is first and foremost about giving timber owners the ability to get the most money out of their sales. He says the Illinois timber owners made nearly a quarter of a billion dollars over the last ten years, but they could have gotten more. Extension State Forester Jay Hayek will specifically discuss how to market your timber, how to properly conduct a timber sale, how to involve a professional forester, and how to guarantee you more income and more timber sales over your land ownership tenure.
Friend says that taxes and timber management are another main point of the seminar. “Jay will also talk about something called ‘timber bases’ and one of the things that people really need to remember if someone buys some land and then keeps it for awhile and then sells the timber, there is a timber base. It’s the same when someone inherits the ground and does the same thing. He’s going to talk about it with people so they are aware of it and can keep their tax liability down as low as possible.”
Registration for the event is required and limited. Friend says that this particular seminar has filled up quickly in year’s past. Cost is $10 per person or $5 for Extension Master Gardeners or Master Naturalists. Registration deadline is February 14th. Register online here.