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August 27, 2007
Easement Deductions
I saw the article in New York about the National Architecture Trust and easement deductions for federal tax deductions. There is a post on Brownstoner from 2005 about this organization. I have received information from them about donating 1% of my house value and my facade so that it is not changed. A 15% deduction is attractive but I think that where my house is already landmarked I would be outside of my rights for that deduction. There definitely seems to be more negative than positive feedback about this group. Is anyone else more familiar with wise courses of actions?
Comments
I'm not familiar with the group, but if you're donating 1% of your house's value (specifically, the facade), wouldn't that potentially gum things up if you decide to sell it?
I for one would be wary of buying a house without complete ownership of it.
Posted by: guest at August 27, 2007 11:02 PM
The terms are that the facade is owned by a preservation organization only in that it cannot be torn down or altered, thereby destroying the historical integrity of the building. That detail is not my concern because the house is already landmarked so I couldn't and a future owner couldn't destroy or alter the facade anyway.
Posted by: bheightsejp at August 28, 2007 9:41 AM
I'm very curious about this, too - as neighbors have received mailings implying that they can get $$ in exchange for doing this, and that they will finance upkeep on the facade. If you find out any more - continue to post!
Posted by: guest at August 28, 2007 2:31 PM
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