Keep your eyes wide open – Donating historic preservation easements

Description

Abstract: The Internal Revenue Code allows taxpayers to take a charitable deduction for the donation of historic preservation easements on property they own. But some donors may have unrealistic expectations about the amount of the deduction they’ll qualify for. With the IRS aggressively challenging these donations in costly court battles, it’s important to understand what it looks at when evaluating easement deductions. This article explains why a “qualified appraisal” by an appraiser is required to substantiate the deduction.