Tax Relief for Timber Losses After Disasters and Reforestation Requirement.
New rules make it easier for timber owners to claim tax deductions for wood lost due to fires, storms, theft, or other disasters like drought or pests. To qualify, the timber must be held for sale, and the affected area must be reforested within five years. This aims to support forest recovery after catastrophic events.
Key points
Timber owners can deduct larger losses for damaged timber if it was intended for sale.
Deductions cover losses from fire, storm, theft, drought, wood-destroying insects, and invasive species.
The loss amount will be based on the appraised value before the event, minus any salvage value.
To qualify for the deduction, the damaged area must be reforested within five years of the loss.
Appraisals must be done by a certified appraiser, but an estimated value can be submitted before a full appraisal is obtained.
Status:
Introduced
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