Estate Tax Reductions and Exclusions For landowners who will leave sizable estates upon their death, the most important financial impact of a conservation easement may be a significant reduction in estate taxes. Estate taxes often make it difficult for heirs to keep land intact and in the family because of high estate tax rates and […]
IRS APPRAISALS for CONSERVATION EASEMENTS
An IRS appraisal is required when you are donating a conservation easement AND you want to claim a tax deduction (and who doesn’t!). A Conservation Easement is also known as a partial acquisition. With a conservation easement, you are deeding away some of your development rights in perpetuity. You can never get them back. Two […]
IRS Imposed Penalties for Faulty Appraisals
Accuracy-Related Penalties The Pension Act imposes accuracy-related penalties of 20 percent for an underpayment of tax resulting from a “substantial” valuation misstatement, and 40 percent for a “gross” valuation misstatement. A “substantial” valuation misstatement is a value 150 percent or more of the amount determined to be the correct value, and a “gross” valuation misstatement […]
Conservation Easements and Tax Deductions
With a conservation easement, you are giving up something of value, i.e. your development rights, and you deserve something in return. The tax benefits can be huge. If you are considering a conservation easement donation, now may be the time to act. The December 2010 tax deal brokered between President Obama and Congress gave us […]
VIDEO – A Summary of Steps You Need to Take to Establish a Conservation Easement or Donation
Why Might You Need a Commercial Real Estate Appraisal?
There are many reasons you may need an appraisal by an MAI appraiser. Financing: Appraisals for financing or refinancing purposes are typically requested by the lending institution rather than the property owner. These appraisals must also comply with FIRREA XI. Requires at least a Summary level appraisal. Purchase and Sale: The appraisal is typically requested by the […]
VIDEO – How Chet Rogers’ Expertise Can Work For You
VIDEO – Introduction to Conservation Easements
VIDEO – The Purposes of a Conservation Easement
Internal Revenue Code Section 170(h) defines when the conveyance of less than all of a person’s interest in real property (e.g., a conservation easement) may still qualify as a charitable donation for tax purposes. A conservation easement is a perpetual restriction, which is granted in perpetuity on the use that may be made of real property exclusively for conservation purposes.
BW
“Chet was very responsive, fair, and diligent in his appraisal process with us. Based upon our recent experience with Chet, I would gladly use him again.”… BW
