Agustina Bluthgen / 01/12/2022
Using Your Property For Wildlife Preservation
We need to take better care of our planet. Every year we become more and more conscious about the importance of wildlife preservation and how we can help all the species that live in it. What if we tell you that donating land for wildlife preservation is an excellent choice? Have you ever thought about it? We assure you it is one of the most lasting legacies you can leave.
Do you have a property you no longer use? Or do you have land you do not want to be responsible for or manage? You do not want to complicate yourself by selling it? Donating land for wildlife preservation is your solution. It will release you from the responsibility of managing or taking care of the land.
While thinking about wildlife, it is important to consider their habitat. And, by donating land for wildlife preservation, you will make sure that the area will remain undeveloped and undisturbed. Species will be able to live there without human intervention.
Did you know that donating land for wildlife preservation can also help you financially? It will provide substantial income tax deductions and estate tax benefits. You will also avoid any capital gain taxes that come when selling a property.
Your Property As Wildlife Preservation
To make this happen you have two options. You can sell your property to a wildlife protection trust at a bargain sale. This means you will sell it for less than its fair market value. This will give you cash and reduce your capital gains tax. It will also entitle you to a charitable income tax deduction. This is based on the difference between the land’s fair market value and its sale price.
The other option is to keep ownership of your land and preserve it for wildlife habitat. For this, you will need a conservation restriction, also called a conservation easement. This is a legal agreement between the owner of the land and a land trust that limits the uses of the land for conservation in a permanent contract. You can think about doing this with the entire property or only a part of it. This way the property will still be yours and you can still use it, but you will permanently give up some of the rights associated with it, like construction or development. Be careful and pay attention to the contract you make.
The conservation restriction will also offer you tax savings. This includes reduced property taxes and income tax-deductible charitable donations.
Either way, you will find a lot of benefits by donating it for wildlife protection. You will find substantial tax deductions that will help you with your finances. But the most important thing is that you will be able to make a critical difference for the planet. You will help protect and preserve your land and the wildlife habitat that lies within.
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