Posted By: SB9969
Conservation easement revenue question - 03/27/24 01:00 PM
I am getting a CPA to answer this question but figured I'd ask here also to get some info from those who have done this.
We are doing s conservation easement on our land and going to receive a large payment for the easement. I haven't been able to find what the tax liability on this payment is based on anywhere so am seeing a CPA soon. Has anyone done one of these and knows what the taxable amount in it is or knows someone who has done it ? I'm sure it could be based on several factors but just wanted maybe an idea. I'd assume as a conservation easement it may not be as big of a hit but I'm not sure. The neighbor next to me has one but he is older and couldn't remember. He didn't think it was a big deal on his but who knows.
Anyone go through this and have any thoughts ? Thanks for any input.
We are doing s conservation easement on our land and going to receive a large payment for the easement. I haven't been able to find what the tax liability on this payment is based on anywhere so am seeing a CPA soon. Has anyone done one of these and knows what the taxable amount in it is or knows someone who has done it ? I'm sure it could be based on several factors but just wanted maybe an idea. I'd assume as a conservation easement it may not be as big of a hit but I'm not sure. The neighbor next to me has one but he is older and couldn't remember. He didn't think it was a big deal on his but who knows.
Anyone go through this and have any thoughts ? Thanks for any input.