Facade Easements: Worth the Risk of Audit?
As we mentioned in yesterday’s Events post, Tim Gunn from the Trust for Architectural Easements gave a lecture last night about the tax write-off available to owners of historic buildings that donate a facade easement. Historically, people have been able to write off 10 to 15 percent of the value of their homes, not an…
As we mentioned in yesterday’s Events post, Tim Gunn from the Trust for Architectural Easements gave a lecture last night about the tax write-off available to owners of historic buildings that donate a facade easement. Historically, people have been able to write off 10 to 15 percent of the value of their homes, not an insignificant amount in this day and age. The only problem is that, despite the existence of case law in support of the easement, the IRS has decided that it doesn’t think that owners of houses that are already restricted by existing landmark laws should be able to take the write-off. As a result, 40 or so homeowners in Brooklyn that participated in the easement program in 2003 and 2004 have gotten hit with an audit in the last couple of years, according to one of the affected homeowners. We’d be interested to hear from any readers who attended last night’s program what Mr. Gunn’s spin on the audit threat was and whether he provided any compelling evidence that it’s still worth the risk for those in existing landmark districts. Sounds to us like people in areas that may be landmarked in the next couple of years should be all over this while those whose props are already landmarked would do better to sit tight.
Thursday Events [Brownstoner]
Yeah, sure. LOL–Tell me another one.
Please do not speak for the Historic Districts Council, or suggest the HDC aligns itself with your ill informed notions. Your perceptions of Conservation Easements are wrong and you should not pretend to be an authority. In addition, you should not carelessly spread incorrect information regarding important, valid, and valuable preservation tools. Shame on you.
Speaking of the Historic Districts Council, their critical article about Facade Easements (and the National Architectural, Trust, now re-named the Trust for Architectural Easements) in the Autumn 2004 issue of District Lines is still worth reading IMO:
http://www.hdc.org/districtlines.htm
Authority? Hardly.
While I do know a bit about historic districts and preservation [and,of course, own property and pay taxes], these easements are just a topic I’m interested in and, I admit, my views on the matter are strongly influenced by those of the Historic Districts Council, an organization I greatly admire.
Bob Marvin – who made you the Conservation Easement Authority?
You claim to be a Landscape Photographer on your profile page.
Are you a land use attorney? A tax attorney? A preservationist?
Do you own property? Pay Taxes? Why would you profess to be an
authority on a topic you haven’t a clue about?
BTW, it doesn’t exactly inspire confidence when you click on “questions and answers” on the TAE website and get:
“Not Found
The requested document was not found on this server.
Web Server at architecturaltrust.org”
I took it over a two year period. It ended up being about 80% in the first year. Jeb
WBer,
Although I’m a big Lefferts Manor booster,I’ve always been puzzled about why only LM and not the whole of the PLG HD is designated as a NY State and National Register HD. It certainly wasn’t due to lobbying by the Lefferts Manor Association. Lefferts Manor accounts for aprox. 10 blocks of the 14 block PLG HD.
Jeb, Were you able to take that $220k deduction all in one year or does it have to be amortized?