Conservation Easements at Risk Because of IRS Appraisal Penalties

Tax Notes Federal
Jeff Kauttu
July 27, 2020

Conserving land and open spaces for future generations is a laudable goal in the minds of many Americans. Unfortunately, a little-noticed action1 by IRS officials earlier this year threatens to significantly curtail land conservation2 and have broader paralyzing effects on the real estate community.

As more and more people have recognized the benefits of protecting land from development, the use of conservation easements has grown significantly in recent years.3 Like with any real estate transaction, appraisers are a key cog in this process. When a landowner decides to conserve a tract of land and claim the resulting charitable tax deduction provided by Congress, they hire an appraiser to determine the land’s value as required by the tax law.

Read the full article in Tax Notes.

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons

With over 6,000 acres of land lost daily to development, time is running out. Step up and demand Congress act to protect private conservation. ⬇️ ⬇️

6,000 acres of land are lost every day to development
Our lands and wildlife need you to step up now to protect them from development. Tell your legislator: Stand up against threats
... See MoreSee Less

Comment on Facebook