As a private forest landowner, there can be tax implications from selling timber as well as other forestry activities conducted. Generally, all income received is taxable unless a provision exists for deductions. VDOF recommends that forest landowners take the time to learn about tax provisions for forestry activities and how they may apply to the landowner’s specific situation. Consult a tax professional in the planning stages. Understanding the tax implications of specific forestry activities can help the landowner lower their overall taxes through careful tax planning.
|Tax Tips for Forest Landowners for the 2021 Tax Year||FS-1188|
This USDA Forest Service publication provides tax tips intended to assist forest landowners and their tax advisors in preparing 2021 Federal income tax returns. It can also help plan for future years. This material is for information and educational use only and is not intended as financial, tax, or legal advice. Please consult with your tax advisor concerning your particular tax situation.
|Publication||View||financial-assistance-forest-management forest-management forestland-conservation||publication|
VDOF recommends consulting with a tax professional for advice about your specific situation.