COMMENT: I wonder how long it takes to reach your house upon turning from the roadway when your property is 90,000 acres.
- Qualifying real property
- Donated to a qualified organization
- For conservation purposes
- The preservation of land for substantial and regular use by the public for outdoor recreation or education
- The protection of natural habitat of fish, wildlife or plants
- The preservation of open space, where the preservation is for public enjoyment or pursuant to government conservation policy
- The preservation of historically important land or a certified historic structure
An easement makes sense if you think of real estate as more than just … well, real estate. Let’s say, for example, that you own the last remaining farm in a now heavily-developed suburban area. That farm is more than just soil. It is also a bucolic view, a possible watershed, the remaining redoubt for an endangered amphibian, and the source of great wealth from a potential sale to developers. It has layers, like a good lasagna.
COMMENT: Before someone comments, I know that the property’s basis would have been reset to its fair market value when it transferred at an ancestor’s death. Let’s compromise and say that the family is extremely long-lived.
- The value of the property intact and before any donation, less
- The value of the property after the donation of the easement