ARE THERE FINANCIAL BENEFITS TO DONATING A CONSERVATION EASEMENT?
Yes. By donating a conservation easement you may benefit in several possible ways. Consult an experienced qualified professional to find out how these possibilities apply in your personal situation. Income taxes: If you donate some or all of the value of the conservation easement to a qualified organization, you may be eligible to take a federal income tax deduction for the value of the charitable gift. To be deductible for federal income tax purposes the easements must meet certain standards established by the federal government. Estate Taxes: The effect of an easement on property value is recognized when property is appraised for estate tax purposes. If the easement reduces property value, it will lower overall estate value and may decrease estate tax liability. Therefore, easements may help heirs to avoid being forced to sell off land to pay estate taxes, keeping family land in the family. Gift Taxes: The IRS requires recipients to pay taxes on gifts over a certain value. If you wan
