Federal Tax Deduction for Shade Tree Damage?
Thursday February 22, 2007
Steve Nix, About's Forestry Guide, blogs that "tree owners have been hit especially hard the last several years by tornados, hurricanes, ice storms and other U.S. disasters. Remember, trees damaged by fire or storm may entitle the owner to a federal tax deduction in the form of a 'casualty loss'. This includes losses to both timber and shade trees." Homeowners with shade trees affected will want to see the link Steve provides at the bottom, titled, "Tax Treatment of Timber and Shade Tree Casualty Losses," in his article on the federal tax deduction for tree damage.
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