The Georgia Forestry Commission estimates that Hurricane Helene caused $1.3B in timber losses in Georgia. As of October 21st, 2024, 91 Georgia counties have been declared federal disaster areas (DR-4830-GA) eligible for individual and/or public assistance. Many timber owners in and near these areas have suffered significant timber losses. While full recovery will take time, there are some immediate actions timber owners can take to offset a portion of their losses. These include claiming timber casualty losses on federal income tax returns and conducting salvage timber sales. The attached publication by Warnell School of Forestry and Natural Resources and the Langdale Center for Forest Business explains the special federal income tax provisions related to claiming timber casualty loss deductions and deferring taxes on income from salvage timber sales.
