For tax years beginning after July 4, 2025, sellers may elect to pay the net income tax attributable to gain from the sale or exchange of qualified farmland property to a qualified farmer in four equal annual installments instead of paying the full amount in the year of sale.
On May 8, Governor Brian Kemp signed HB 223 into law, providing multiple forms of tax relief for timber owners and farmers who suffered substantial economic losses from Hurricane Helene. Key provisions are listed here.
In the third quarter of 2024, Georgia’s timber markets showed mixed trends. Stumpage prices for major timber products in South Georgia, except for hardwood pulpwood, fell from the last quarter.
The impact of Hurricane Helene has been devastating. There are a few key points for deducting timber casualty losses resulting from a federally declared disaster like Hurricane Helene and deferring taxes on salvage timber sales, presented here.
Pine sawtimber and chip-n-saw stumpage prices in Georgia stabilized during the fourth quarter of 2023 following three consecutive quarters of decline. However, pine pulpwood stumpage prices continued to fall during the quarter. Hardwood sawtimber was the only product to see an increase in prices.
The short answer is: It depends. The slightly longer answer is that it is determined by the classification of your timber holding, the way to sell the timber, and your modified adjusted gross income (MAGI) for the Net Investment Income tax (NIIT) purposes.
Careful tax planning is essential to minimize your total taxes considering the long-term nature of forest management and the availability of a few income tax provisions related to timber.
Events that stress trees, like hurricanes, can cause bark beetle populations to explode into large outbreaks. In the wake of Hurricane Michael, many forest owners feared that the forest damage caused by the storm would lead to an outbreak of bark beetles.
A new law provides a tax credit program to qualified Georgia taxpayers who sustained timber casualty losses caused by Hurricane Michael and need help to get back on their feet.
Written by: Yanshu Li, Associate Professor, Forest Economics & Taxation Outreach Specialist President Biden announced the American Families Plan on April 28th. In addition to
For tax years beginning after July 4, 2025, sellers may elect to pay the net income tax attributable to gain from the sale or exchange of qualified farmland property to a qualified farmer in four equal annual installments instead of paying the full amount in the year of sale.
On May 8, Governor Brian Kemp signed HB 223 into law, providing multiple forms of tax relief for timber owners and farmers who suffered substantial economic losses from Hurricane Helene. Key provisions are listed here.
In the third quarter of 2024, Georgia’s timber markets showed mixed trends. Stumpage prices for major timber products in South Georgia, except for hardwood pulpwood, fell from the last quarter.
The impact of Hurricane Helene has been devastating. There are a few key points for deducting timber casualty losses resulting from a federally declared disaster like Hurricane Helene and deferring taxes on salvage timber sales, presented here.
Pine sawtimber and chip-n-saw stumpage prices in Georgia stabilized during the fourth quarter of 2023 following three consecutive quarters of decline. However, pine pulpwood stumpage prices continued to fall during the quarter. Hardwood sawtimber was the only product to see an increase in prices.
The short answer is: It depends. The slightly longer answer is that it is determined by the classification of your timber holding, the way to sell the timber, and your modified adjusted gross income (MAGI) for the Net Investment Income tax (NIIT) purposes.
Careful tax planning is essential to minimize your total taxes considering the long-term nature of forest management and the availability of a few income tax provisions related to timber.
Events that stress trees, like hurricanes, can cause bark beetle populations to explode into large outbreaks. In the wake of Hurricane Michael, many forest owners feared that the forest damage caused by the storm would lead to an outbreak of bark beetles.
A new law provides a tax credit program to qualified Georgia taxpayers who sustained timber casualty losses caused by Hurricane Michael and need help to get back on their feet.
Written by: Yanshu Li, Associate Professor, Forest Economics & Taxation Outreach Specialist President Biden announced the American Families Plan on April 28th. In addition to