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Tax Deduction Consulting: Conservation Easement Portales NM

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.

Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
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PLAN RIGHT, LLC
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Education: MBA, Accounting Concentration
Years of Experience: 13
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IARFC
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Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

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H&R Block
(505) 865-2944
1400 Main St NW Ste G
Los Lunas, NM

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Liberty Tax Service
(866) 871-1040
1449 Eubank Blvd NE Ste A
Albuquerque, NM

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R P Tax Svc
(505) 866-6077
3378 Hwy 47
Los Lunas, NM

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H&R Block
(505) 473-7591
3517 ZAFARANO drSTE A23
SANTA FE, NM

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Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
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Education: BS
Years of Experience: 16
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

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Liberty Tax Service
(866) 871-1040
1112 San Pedro Dr Ne
Albuquerque, NM

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Liberty Tax Service
(866) 871-1040
475 Coors Blvd Nw # D
Albuquerque, NM

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H&R Block
(505) 792-0997
8201 GOLF COURSE rdNW STE F-2
ALBUQUERQUE, NM

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H&R Block Inside Mills Plaza
(505) 425-1040
258 MILLS AVE
LAS VEGAS, NM

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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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