The enactment of the new conservation easement law adds further restrictions to an area of the tax law that was already rife with potential pitfalls. But on the positive side, the new IRS safe harbor language provides some taxpayers who may have deficient conservation easements with a unique but short-lived opportunity to correct those mistakes.
April 25, 2023 at 10:00 AM
5 minute read
A taxpayer can often claim an income tax deduction for a donation of a conservation easement to a charitable organization, provided that the conservation easement protects land or a historic building from development in perpetuity and meets numerous technical requirements.
However, for many years, conservation easements have been subject to rigorous IRS scrutiny, especially when they relate to syndicated transactions.
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