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Tax Deduction Consulting: Conservation Easement Brigham City UT

A Conservation Easement is a legal agreement between a landowner and a qualified second party that restricts the development or other use of a certain piece of property. The property must have some scenic, recreational, historic, or even open space value that makes its preservation and protection worthwhile.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

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H&R Block
(801) 832-8932
2356 S FOOTHILL dr
SALT LAKE CITY, UT

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H&R Block
(801) 733-0847
3438 BENGAL BLVD
SALT LAKE CITY, UT

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H&R Block
(435) 884-3076
124 W MAIN ST
GRANTSVILLE, UT

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H&R Block
(801) 766-2308
1438 E MAIN STE 8
LEHI, UT

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Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

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Gardner Tax & Accounting
(435) 656-8291
32 E 100 S
St George, UT
Hours
M-F 8 am - 5 pm

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H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

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Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

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Tax Deduction Consulting: Conservation Easement

Conservation Easement Tax Deduction

The Conservation Easement Tax Deduction is yet another example of the tax laws being used for a purpose other than the collection of government revenue.

Congress has recognized the importance of preservation and conservation of the precious natural and historical resources of our country. One of the methods that has been used to further this purpose is the Conservation Easement Tax Deduction. A Conservation Easement is a legal agreement between a landowner and a qualified second party that restricts the development or other use of a certain piece of property. The property must have some scenic, recreational, historic, or even open space value that makes its preservation and protection worthwhile.

The qualified second party may be a municipality or a land protection agency, also known as a land trust. The purpose of the easement must be conservation. When these conditions are met, the difference between the value of the land before the easement and the value of the land after the easement may be taken as a tax deduction. The current law allows this deduction to be up to 50% of the adjusted gross income (AGI) of the taxpayer. The remaining balance may be taken over a period of 16 years until the entire value is deducted.

This method of taking the deduction was signed into law in August of 2006. The old method allowed only a deduction up to 30% of AGI and five years to take the balance. If congress does not renew the law after 2007, it will revert to this method of calculation.

The easement does not transfer ownership. It only sets restrictions on what can be done to the land. Basically, the scenic, historical, recreational, or open space nature of the land can not be altered. The easement sets strict restrictions on what can and what can not be done to the land. It is possible, in many cases, to live on the land and even make some changes to a home located on the land as long as the restrictions do not prohibit it. Th...

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