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Paying Taxes on 50-50 Shares (IL)

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From: nick voke
City:
jerseyville, IL
getting ready to have timber cut on my property, the cutter says he cuts and makes it available to the bidder and it is a 50/50 deal, if the bid is 10 thousand he gets one half of 10,000 minus the 4percent timber fee, is this about average? Do I have to pay taxes on the 9,600 or only on my half?

 
Extension Message
From: Jay Hayek
Extension Specialist, Forestry
Department of Natural Resources and Environmental Sciences
jhayek@illinois.edu
Hi Nick:

This is a terrible deal for you! Go and hire a professional forester to represent your short- and long-term ecological and financial goals:

http://www.ilforestry.org/resources/Documents/tfb-nres-202-15.pdf

 
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