In light of the widespread storm damage from the recent Alabama Tornados, forest owners need to be aware of the tax rules related to deducting losses from storm damage and deferring taxable income that may have arisen from insurance proceeds and/or salvaged timber. If you are a forest owner, the attached document contains an informative guide which will help you navigate the tax rules surrounding these issues, and gain the full benefit allowed under the tax laws.

Timber Damage Tax Guidelines