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Back on 4/29/17 we had a wind storm that tore through the center of our property, 40 acres. 70-90 mph winds pushed over or snapped off 50+ trees. We've had a forester out to see what we can do to clear up our woods and salvage the timber and clear the woods so we can enjoy them again.

Our woods are taxed as agricultural timber lands. What are some of the tax considerations we might need to take into account?

We were never planning on harvesting timber so the money is truly a windfall.

PF
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Our woods are taxed as agricultural timber lands. What are some of the tax considerations we might need to take into account?

Here's a guide that you may want to look at: http://extension.psu.edu/natural-resources/forests/finance/f...

As it says in the guide:

Forestry taxation is a complicated and somewhat confusing process. An informed landowner who works closely with competent professionals—forester, accountant, lawyer, or other investment advisers—is in the best position to deal with taxes related to forest income.

AJ
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Thanks, that site looks great. I printed it as a pdf for later perusal. We also have found this site: https://timbertax.org/getstarted/ .

Right now we're dealing with the sadness of the storm damage to our beautiful woods and information overload on the timber sale.

PF
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The other thing you need to look into is how to protect your agricultural timber exemption. If the damage completely removes the timber, and you don't provide for regrowth, you might eventually loose the exemption.

The forester you are working with should be able to advise you. This might include using natural regeneration. Which is a fancy name for mother nature is going to do it. Having that in a written plan from your forester may help you defend the land use.
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We plan on buying several hundred seedling from the state nursery to avoid it coming up in soft maple, and beech.

Thanks,
PF
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