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we have tax credits for our open space - how do we use them…

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we have tax credits for...
we have tax credits for our open space - how do we use them? no one seems to know
Submitted: 8 years ago.Category: Tax
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Answered in 4 hours by:
6/19/2010
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,334
Experience: Taxes, Immigration, Labor Relations
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I assume that you meant preservation of farm lands and open spaces as a qualified conservation contribution by transferring the title or giving an easement to a qualified organization.

 

A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes.

 

If that is correct - a qualified conservation contribution is deducted as a charitable contribution - see IRS publication 526 page 9 - http://www.irs.gov/pub/irs-pdf/p526.pdf

 

Let me know if you need any help.

 

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