2021 Virtual Schedule – Eastern Time

Note: This workshop is a longer, 2.5-hour session. Many landowners expect to obtain a federal charitable tax deduction as part of their gifts of money or property to land trusts. However, there are many tricky rules that landowners must follow to prove that they properly made the gift and deserve a tax deduction for it. The IRS has fully denied deductions because of improperly completed forms, the absence of required documentation, or the failure of an appraisal to comply with all the rules in the Tax Code and the Treasury Regulations. These denials are increasing due to abusive syndications and the IRS’s resulting suspicion of conservation transactions. While donors are legally responsible for substantiating donations, land trusts may assist donors to understand the forms and requirements, so long as the land trust does not provide legal advice. Land Trust Standards and Practices include best practices for ensuring that the gifts accepted by land trusts are not part of the abusive tax shelter schemes being promoted across the country. There are several standards and practices that apply specifically to gift substantiation and appraisals, and those will be discussed in detail along with the legal requirements.