IRS Substantiation for Charitable Contributions & Gifts

Our tax laws allow a deduction for contributions and gifts made to charities. The idea is that the charity is relieving the government of some service or function that the government would have to otherwise have provided. The amount of the charitable contribution deduction can be significant. This benefit has been part of tax planning…

Retaining Rights With a Charitable Conservation Easement

Retaining Rights With A Charitable Conservation Easement

Conservation easements can result in significant charitable deductions for real estate owners and investors. But can an owner or investor retain rights to the property and still get the charitable deduction? The courts continue to define when this is possible. The Pine Mountain Preserve LLLP v. Commissioner, 151 T.C. 14, case is the latest case…

Conservation Easement Denied for Private Golf Course

Conservation Easement Denied For Private Golf Course

Tax benefits can cause investors to put money were they otherwise would not.  The conservation easement is one example.  Conservation easements reward investors with charitable contribution tax deductions for putting money into projects that conserve real property.  The charitable deductions can be very large in relation to the amount invested.  The recent Champions Retreat Golf Founders,…

Does Changing Roof Mean No Facade Easement Deduction?

Donating the rights to change the facade of a building can qualify for a charitable tax deduction.  The donation helps ensure that the historical significance of the building is not compromised.  But what if you retain the right to change the roof to the building?  Can you still qualify for a facade easement deduction?  The…

Charitable Deduction With a Defective Valuation

Options To Contest Taxes

There are a number of cases where taxpayers have had to pay more tax than they should due to technical foot faults. These cases often come up when the IRS auditors believe that their job is to look for strict compliance (100%) rather than substantial compliance (something more akin to 80%). This brings us to…