AVOID FUTURE PROPERTY TAXES, FEES, AND OTHER LIABILITIES.
CONSIDER DONATING
TO THE
BONNET SHORES LAND TRUST
AND GAIN A POSSIBLE TAX DEDUCTION!
Donating property to the Bonnet Shores Land Trust is an efficient way to divest marginal land; avoid future taxes, fees and other potential liabilities. Deeding your land will accomplish all these goals.
What all this means is that some areas were considered to be appropriate for development may become undevelopable. Land has value only if it has a buyer. Anyone who owns land in these areas may be in for a substantial financial loss, unless they are a homeowner who can benefit from a government buyout.
Here are a few options open to you.
Conservation Easement
This is a legal agreement between a landowner and a land trust or government agency that permanently protects land while the land owner continues to own it. Donating the easement can result in reduced income tax and estate tax.
Land Donation
Donating conservation land to a land trust is a wonderful way to share its beauty for future generations. The donation can even be set up in a way that allows you to continue to live on the land or to receive a life income.
Sale and “Bargain Sale”
Land is occasionally purchased for conservation purposes by the Bonnet Shores Land Trust . Sales below market value (“bargain sales”) involve the gift of a portion of the property’s value by the donor. The value of the gifted portion can be deducted from the donor’s federal income taxes.
By Will.
Donors may make gifts of land or conservation easement through their wills.
If you do opt for the donation route, find a good tax professional to work with before you do anything. He or she will be able to structure it in a way that provides the greatest benefit to you. Since we’re going to be talking large dollar amounts, you want to make sure it’s done properly.
The Process of Donating Land to the Bonnet Shores Land Trust:
Here is a list of present and past donors: Donors
Should you have additional questions and are interested in donating, please feel free to e-mail: info@bonnetshoreslandtrust.org
