You know the number one question I always get as a top-end financial person is, how do I reduce my tax bill? For many years, I didn't have any answers other than what everybody else has. I was fortunate to run into an idea that many of our clients have used for several years. It's a proven program that's tax compliant. As you'll see from the real-world examples that I'll share towards the end of this program, it cuts tax bills twenty to forty percent. It is an incentive devised by our government, and it works just as advertised. I have run into the experts in this area that have an impeccable track record, so I'm super excited to bring this information to you. With that, let's get this thing started. Before we get too far along, let me point out who the ideal candidates are for this type of program. First of all, the income level has to be at least five hundred thousand a year. They must desire lower tax costs and must be financially savvy. By that, I mean committed to financial success and already taking steps in that direction. What creates these deductions is what's called conservation easements. They are an incentive by the government to help protect land from being overdeveloped, and it's covered by the Internal Revenue Code. It was first enacted in 2006 and then expanded and made permanent in 2015. Now, conservation easements are not something that's brand new. The first one was done in Boston in 1891. In 1976, new tax reform allowed landowners to start reporting easement value as a deduction. By 2006, they raised the limits on the deduction, and by 2015, they enhanced it even further and made the law permanent. At this point, you're probably thinking, "Hey, I don't own any...
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How Do I Claim My Conservation Easement Deduction?: What You Should Know
In general, the less the income from the easement (or the greater the gift value of the easement), the larger the deduction and the higher the deduction percentage a donor may receive. For Example | Home | Landowner Deductions | Deductions for Gift of Real Property | The Internal Revenue Code for Conservation Easements. Â For Tax Year 2019: 500,000 in Adjusted Gross Income (AGI) over 400,000 in AGI or 2 million in charitable donations. For Tax Year 2019: 500,000 in Adjusted Gross Income (AGI) over 500,000 in AGI or 1 million in charitable donations. For Tax Year 2019: 500,000 in Adjusted Gross Income (AGI) over 900,000 in AGI or 3 million in charitable donations. For Tax Year 2019: 500,000 in Adjusted Gross Income (AGI) over 800,000 in AGI or 3.5 million in charitable donations. For Tax Year 2019: 5 million or more in Adjusted Gross Income (AGI) over 5 million in AGI or 11 million in charitable donations. The higher a donor's adjusted gross income from a conservation easement, the longer their deferral period may be. Donation Status For tax year 2019: A taxpayer or partnership may take a deduction for a conservation easement in any one of the following three situations: (a) the gift is to a qualified charitable organization and the eligible organization is organized and operated exclusively for charitable, scientific, educational, or recreational purposes and was established in the United States and under common control with the taxpayer; (b) the gift is for an individual who has permanently and totally retired from service with an employer and who was a U. S.
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