Tax Implications

If you donate land to LCC, you may be eligible for a charitable deduction.  The IRS language for a tax deductible gift to a land trust states that the gift must be a “qualified conservation contribution, to a qualified organization”.  The gift must also be for one of the following reasons:

-Preserving land areas for outdoor recreation by, or for the education of the general public.

-Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem.

-Preserving open space, including forestland, if it yields a significant public benefit.  Open space must be preserved either for the scenic enjoyment of the general public or under a clearly defined Federal, State, or Local government   conservation policy.

-Preserving a historically important land area or a certified historic structure.

For more information on these guidelines please visit http://www.irs.gov/publications/p526/ar02.html (look under Qualified Conservation Contribution)

Tax benefits are rarely the main reason for donating land for conservation purposes, but it does add another reward to protecting important land for future generations.  The above information is just an example and for reference only, please consult with your attorney, accountant, or financial adviser concerning all questions.

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