Every year, the United States Forest Service, in conjunction with university extension professors, publish a tax tips sheet for forest landowners.
I’ve had the honor and enjoyment of reviewing the publication for the past few years.
This year’s tax tips sheet was recently released, and it gives a great summary of forest landowner tax tips to consider as 2023 tax returns are being prepared.
The tax tips include:
- Tax Classification (Business, Investment, or Personal)
- Qualifying for Capital Gains on Timber Sales
- Reforestation Tax Incentives
- Casualty Loss Deductions
- Like-Kind (1031) Exchanges
- And more!
Read and download the Tax Tips for Forest Landowners: 2023 Tax Year here.
Also, for a video discussion of some of the top tax savings tips, check out my free course about the Top 5 Ways Forest Landowners Save Taxes!
