Tax preparation time usually brings with it questions about what is deductible, how to report this income and what you can do to save on your taxes in the future. Fortunately for woodland owners, there are several excellent resources available to help you find some guidance.
A national site addressing tax issues for woodland owners is the National Timber Tax Website. This site provides updated tax tips for the 2024 filing year, as well as many guides and references to help you effectively plan a tax strategy for your property.
The first link you will see on the National Timber Tax website is the recent timber tax tips by the U.S. Department of Agriculture (USDA), Forest Service:
Tax Tips for Forest Landowners: 2024 Tax Year (pdf 176KB)
Purdue Forestry and Natural Resources Extension offers some publications covering taxation issues for timber sales and tree planting.
How to Treat Timber Sale Income
Determining Tax Basis of Timber
Financial and Tax Aspects of Tree Planting
If you sold timber or planted trees for timber production last year, the references above may help you understand your options and possibly provide some tax savings.
Familiarizing yourself with the tax treatment of timber sales and tree plantings may help you more effectively plan for future tax returns.
Other resources:
U.S. Forest Service
Indiana Department of Natural Resources Offers Program Aiding in Property Tax Reductions, Purdue Extension – Forestry & Natural Resources (FNR) Blog Article
The Education Store, Purdue Extension (place in search field: “timber”)
Find an Indiana Professional Forester, Indiana Forestry & Woodland Owners Association (IFWOA)
Purdue Arboretum Explorer
Native Trees of the Midwest, The Education Store
Shrubs and Woody Vines of Indiana and the Midwest, The Education Store
Investing in Indiana Woodlands, The Education Store
Forest Improvement Handbook, The Education Store
ID That Tree, Purdue Extension-Forestry & Natural Resources (FNR) YouTube playlist
Woodland Management Moment , Purdue Extension-FNR YouTube playlist
Indiana DNR Offers Special Program Aiding in Property Tax Reductions – IFWOA
Lenny Farlee, Extension Forester
Hardwood Tree Improvement and Regeneration Center (HTIRC)
Forestry and Natural Resources, Purdue University