Timber or urban landscape trees destructed by the hurricanes and fires may be tax deductible as a "casualty loss".
Brand new tax law changes that Congress passed in December 2017 affect the casualty loss deductions, starting in the 2018 tax year.
For the taxpayers who are affected by Hurricane Harvey, Irma and Maria, a September 2017 tax law provided tax relief, making it less restrictive to write off eligible hurricane losses.
To help timber owners as well as home owners who suffered timber or landscape tree damages with their tax reporting, this article explains the specific tax issues for timber and landscape tree losses from casualty events, including the new tax law changes affecting the 2018 tax filing.
Timber or urban landscape trees destructed by the hurricanes and fires may be tax deductible as a "casualty loss".
New tax law changes that Congress passed in September 2017 provided tax relief to the taxpayers who are affected by Hurricane Harvey, Irma and Maria in September 2017.
To help timber owners as well as home owners who suffered timber or landscape tree damages with their tax reporting, this article explains the specific tax issues for timber and landscape tree loss, including the new tax laws for the property owners affected by Hurricane Harvey, Irma and Maria.
Calculating the amount of loss for tax deduction may require a competent appraisal. The key for most timber cases is to figure out the cost or the adjusted basis of the timber.
