Donating land for conservation is one the finest legacies you can leave to future generations. It may be the best conservation strategy for you, if you do not wish to pass the land on to heirs, if you own property that you no longer use, or you no longer want the responsibility of looking after the land, or paying property taxes. It may also be the best strategy if the value of your land has appreciated significantly or you have many real estate holdings or other financial assets and want to reduce capital gains taxes for yourself or your heirs. Donating conservation land may provide income tax deductions, depending on your financial situation, the nature of the land and the donation arrangement. Most important, if you donate land because of its conservation value, you can be assured that it will be protected.
Donating land to Alachua County Forever is the easiest way to protect property. You can decide how the land can be used now, and in the future. Giving a gift of land can be a source of much personal pride and satisfaction. You can even give a gift of land as a memorial to a loved one. This is an honor that will reach far into the future. It may also provide tax benefits for you at the time it is donated, and if structured properly, can provide you with tax benefits for many succeeding years depending on your personal financial situation and the value of the donation.
- Donation with a Reserved Life Estate:
You can donate land with an agreement that you and your family be allowed to live out your lives on the land. You can continue to enjoy your land as long as you follow the terms of the agreement you make. You may be eligible for an income tax deduction when you make the gift.
If you want to own and control your land during your lifetime, but assure its protection after your death, you can donate land in your will. Alachua County Forever can help to work out details with you. The potential income and property tax benefits would not be available during your lifetime, but may benefit heirs of the property. This option gives you and your family opportunity to change your mind later.
- Donation with an Easement:
Before you donate the land, either now or in your will, you can add a conservation easement to the deed. This will ensure that future owners honor your wishes for the property. If you donate the easement to Alachua County Forever, and the land itself to another conservation group or agency, (or vice versa) you may receive additional tax breaksDonation for Resale:You can also donate land to a conservation organization, even if the land has no conservation value. The land can then be sold to provide funding for other conservation efforts. You may receive income tax benefits from your gift.
You can also donate land to a conservation organization, even if the land has no conservation value. The land can then be sold to provide funding for other conservation efforts. You may receive income tax benefits from your gift.