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Qualifying for Tax Benefits
The
tax advisor and qualified appraiser hired by the property owner
are responsible for making sure the conservation or preservation
easement qualifies for tax benefits under the federal tax code.
Income
tax benefits
Property
owners donating qualifying conservation or preservation easements
may be eligible to deduct up to 30% of
their adjusted gross income each year for the year of the easement
donation and the following 5 years, or until the value of the easement
gift is used up, whichever occurs first. Property owners considering
the gift of a conservation or preservation easement should consult
with their legal or tax advisors to learn how the gift may benefit
them financially.
For more information about
the potential tax benefits of donating an easement, see the FAQ at the Land Trust Alliance web site.
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