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Spring is just around the corner, and it is once again time to start thinking about your taxes. If you own woodlands, it may be worthwhile to investigate the potential tax benefits associated with forest practices performed on your land. The National Timber Tax website contains information on taxes related to forestry activities and woodland ownership. The site features resources including the ‘Timber Tax Webinar Education Series’ that includes information related to timber harvest income taxes, timber management expenses and deductions, and policy changes that could impact landowners.
The site also offers printable resources such as the USDA Forest Service, ‘Tax Tips for Forest Landowners.’ The USDA, Forest Service publication is intended to assist woodland owners and in preparing their 2022 Federal income tax returns. The document covers: ownership classifications, timber sale taxation, reforestation tax incentives, operating expenses, capital costs, claim casualty loss deduction (natural disaster), cost-sharing payments, easement donations, like-kind exchanges, and QBI deductions.
For more information on woodland related taxes visit https://www.timbertax.org/
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