I have 16 acres tree farm. I last sold trees in 2005 and had to claim the profit as income. I replanted and now the trees are 19 years old and were hit by hurricane Helene. I have lost about 40 trees, 70 feet high x 12" to 18" diameter. I am trying to claim a loss on Turbo-Tax by way of farm income/loss, I have no income for 2024, so Turbo-Tax is not allowing any loss.
How should I report my protentional loss for 2024, since I will not harvest these trees for another 10 years?
