IRS Offers Tips for 2008 Year-End Donations.
On December 9th, 2008, the Internal Revenue Service released information about several recent tax changes that could apply to individuals considering year-end donations. One provision of October’s financial recovery bill allows donors over 70 ½ to make tax-free charitable contributions of appreciated assets from their IRA accounts. There are also helpful tips for the proper timing and substantiation of year-end contributions. Learn more at the IRS website.
The Wilton Land Conservation Trust works with Wilton land owners in several ways:
If a property owner wants to preserve all or a portion of his or her property in perpetuity, he or she may donate the land, outright or through a bequest, to the Wilton Land Conservation Trust. Gifts of land are tax deductible, and will also serve to reduce property and estate taxes.
A property owner may not want to give up ownership of the property, but may want to grant a conservation easement, in which only the development rights are given up. The owner maintains other property rights, using the land in any way within the constraints of the conservation easement. There are significant property tax benefits to a conservation easement.
At times, the Wilton Land Conservation Trust has purchased either land or conservation easements in “bargain sale” transactions, where the landowner receives some cash and donates the balance of the value of the land, again generating favorable tax consequences.
Local developers may approach the Wilton Land Conservation Trust and donate, under local requirements, a portion of the subdivided land to be set aside for conservation purposes.
Further reading about the benefits of land donorship is available on our Learning Links page.
In addition if you would like to speak with someone at the Wilton Land Trust about land donorship, you can e-mail us at [email protected] or call at 203-761-8715.