Thursday, July 7, 2011

Income Tax Deduction for Timber Casualty Loss

Damaged Timber in Hackleburg
Recent storms damaged a great deal of timber in Northwest Alabama. Some landowners had devastating losses where entire stands of timber were leveled, and often little can be done to salvage what's left. Landowners that had timber losses may want to consider the income tax deduction for timber casualty losses. This two-page publication from Dr. Linda Wang, National Timber Taxation Specialist-USDA Forest Service, gives tips on how to determine the loss, how to report it, and how to keep supporting documentation for your records.  For a PDF of the publication, follow this link.
Timber Casualty Loss Deduction

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