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Published: October 11, 2023
(Orlando, FL) Published in the Fall 2023 edition (Vol. XL, No. 2) of Tax Section Bulletin of The Florida Bar, in his article “A Split Regarding Conservation Easements Leaves Questions in the 11th Circuit” author Austin Alderman reviews recent judicial decisions and the IRS response to how deductions will be made for conservation easements.
As defined by the Florida Department of Environmental Protection, “conservation easements are perpetual, undivided interests in property to project natural, scenic, or open space values of real property.” The author writes, “the prudent decision for [sic] how to best serve clients looking to take advantage of deductions for the donation of conservation easements seems to be to … follow the safe harbor language.” He continues, “This guidance is all that addresses the exact issues the IRS is paying most attention to in its denials.”
Benefits associated with placing a conservation easement on your property may include protecting land for future generations, and the potential for property tax exemptions and income generation.
To learn more about Austin and to review the article in its entirety visit: https://bit.ly/3tsIGer.