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Natural Beauty; Clients who donate a conservation easement can collect a trifecta of tax benefits.(The Client)
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Financial Planning
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October 1, 2008
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Copyright informationCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donald Jay Korn
There are few triple plays in the tax code. Health savings accounts, for example, offer upfront deductions, tax-free investment earnings and tax-free withdrawals for medical care.
A lesser-known member of this exclusive club is the conservation easement, the gift of development rights on a piece of property to a government body or land trust in order to keep the land partially or fully wild. A landowner donating an easement may get breaks on income, estate and property taxes.
Even better, the recently passed farm bill allows easement donors to deduct gifts of up to 50% of their adjusted gross income (AGI), so long as the easement doesn't ...
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