Tax Tips for Forest Landowners: 2024 Tax Year

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

Treesearch

Tax Tips for Forest Landowners: 2024 Tax Year

Informally Refereed

Authors:

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

Year:

2024

Type:

Other

Station:

Southern Research Station

Source:

FS-1261. Washington, DC: U.S. Department of Agriculture, Forest Service, Washington Office.

Download (PDF 431 KB)

Download (PDF 431 KB): https://research.fs.usda.gov/download/treesearch/68789.pdf

Abstract

As a private forest landowner, you might only consider timber-related Federal income taxes when you have a timber sale. However, each forestry activity you conduct can have tax implications. Generally, all income received is taxable unless explicitly 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. It is not intended as financial, tax, or legal advice. Please consult with your tax advisor concerning your tax situation. The information is current as of December 15, 2024.

Citation

Li, Yanshu; Cushing, Tamara L.; Frey, Gregory E. 2024. Tax Tips for Forest Landowners: 2024 Tax Year. FS-1261. Washington, DC: U.S. Department of Agriculture, Forest Service, Washington Office. 4p.