The IRS has expanded its guidance on abusive conservation easement transactions. It says promoter-driven conservation easement arrangements often rely on inflated property valuations, generating improper charitable deductions. A conservation easement is an agreement, usually with a government agency or land trust, to permanently restrict the use of real property. If an easement meets certain conservation goals and other requirements, the owner is entitled to claim a charitable tax deduction based on the easement’s value. The IRS has long warned taxpayers of abusive arrangements that could result in disallowed deductions, back taxes, interest and penalties. For details: https://bit.ly/4dbByGu
