Tax Tips for Forest Landowners: 2023 Tax Year

Yanshu Li; Tamara L. Cushing; Gregory E. Frey

Treesearch

Tax Tips for Forest Landowners: 2023 Tax Year

Informally Refereed

Authors:

Yanshu Li, Tamara L. Cushing, Gregory E. Frey

Year:

2024

Type:

Miscellaneous

Station:

Southern Research Station

Source:

FS-1241. Washington, DC: U.S. Department of Agriculture, Forest Service, Washington Office.

Download (PDF 1.16 MB)

Download (PDF 1.16 MB): https://research.fs.usda.gov/download/treesearch/67244.pdf

Abstract

As a private forest landowner, you may start to think about timber-related Federal income taxes only after having a timber sale. However, each forest activity you conduct can have tax implications. Generally, all income received is taxable unless excluded by tax law, and nothing is deductible unless a provision allows it. Understanding the forest-related provisions and integrating tax planning into your forest management can help lower your tax. This publication is intended to be an informational and educational resource for you and your tax advisor, but is not intended as financial, tax, or legal advice. Please consult with your tax advisor concerning your particular tax situation. The information is current as of December 20, 2023.

Citation

Li, Yanshu; Cushing, Tamara L.; Frey, Gregory E. 2024. Tax Tips for Forest Landowners: 2023 Tax Year. FS-1241. Washington, DC: U.S. Department of Agriculture, Forest Service, Washington Office. 4p.