I raise timber so fit under ag exemption.
Two questions.
First, if switch to wildlife exemption for deer, which the pond has definitely been a boon, could I get credit for pond expenses?
Second, if stay with timber ag exemption, I plan to have a controlled burn this winter to reduce competition for the pines. This was recommended by two timber guys who came out. Is this an expense that could be deducted somehow from my taxes?
In TEXAS
1. Yes you can get credit for one of the improvements that you are required to do, but that has nothing to do with $ expenses. It should be included in your management plan.
2. yes, controlled burn should be a deductible expense on tree farm.
BUT always get final approval from your accountant!
