As the year wraps up, Indiana landowners, farmers, and rural homeowners have valuable opportunities to reduce their tax burden before December 31. Whether you own hunting land, timberland, agricultural acreage, or a rural home, several end-of-year strategies can help you maximize deductions and long-term savings.
Key Tax Benefits for Indiana Landowners in December
- Deduct Eligible Land Improvements
Infrastructure upgrades made before the end of the year—such as fencing, drainage, tile work, pond repairs, or equipment purchases—may qualify for Section 179 or depreciation benefits. - Track Property-Related Expenses
Indiana landowners should organize receipts for:
- fuel and equipment
- maintenance
- gravel and road repair
- utilities
- forestry or habitat improvements
These often qualify as deductible business or property management expenses.
- Evaluate Agricultural Exemptions
If you’re farming or leasing out acreage, review Indiana ag exemptions and any potential capital improvements that could impact your 2025 tax position. - Consider a Conservation or Timber Plan
If your property includes mature timber, habitat enhancements, or woodland, a management plan may open the door for additional tax benefits. - Plan Ahead for a 1031 Exchange
If you’re thinking about selling land in 2025, planning a 1031 exchange early can help defer capital gains—especially for high-value or income-producing properties.
Completing these steps before December 31 can help Indiana landowners secure meaningful savings and position their property for a stronger year ahead.