[WSBARP] Conservation Easements Tax Benefit

[Rick Hoss]

The Real Property Deskbook, 2009 4th ed. at volume 3, Chapter 14 -
Conservation Easements. There is a useful checklist and good discussion of
the income tax, estate tax and real property tax rules.
Rick

-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Thursday, February 22, 2018 10:00 AM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] Conservation Easements Tax Benefit

Mike--Welcome to practice and to the listserve. I don't have an answer for
you, but would you please add an automatic signature to your email, so your
name and contact info show up in the message? It always helps to know who's
asking, and it often helps to know where your office is in case it's a
county-specific question.

If you get some answers off the list and you think they're worth sharing,
please do!

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Mike Karas
Sent: Monday, February 19, 2018 1:09 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Conservation Easements Tax Benefit

I am a new attorney and need a clearer understanding of how the tax benefit
works for conservation easements. If anyone has five or so minutes to help
me, I would appreciate it.  

I understand the grantor receives the ability to deduct 50% of its income or
100% of its income if it is a rancher or farmer.Then that income deduction
can be carried forward for 15 years. 

Specific questions I have:

Can the tax benefit of the conservation easement be transferred to a buyer
when the property is sold? If so, what is the timeline of how long that new
party can receive the deduction?

If a property is held by an LLC and operated as a ranch, do they still
qualify for the 100% deduction?

If the land is currently zoned ag, does a granting of a conservation
easement have any property tax benefit? 

Are there better resources out there you would recommend me looking at? 



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