Interested in learning more about the tax incentives available for conservation easement donors? The policies change year-to-year, but there are several reliable sources for updated information regarding federal, state, and estate tax incentives. To learn about the federal tax incentives, including the enhanced easement tax incentive, visit the Land Trust Alliance FAQ page. For more information on Virginia’s Land Preservation Tax Credit, visit the Virginia Department of Conservation and Recreation site. Click here for estate tax information from the Land Trust Alliance.
- VA Tax forms for Land Conservation Tax Credits: (link to Virginia individual tax credit forms page) See “LPC-1 – Application for a Land Preservation Credit” and associated schedules and instructions, and Schedule CR, “Credit Computation Schedule for Forms 760, 760PY, and 763.”
- IRS Schedule 8283 (.pdf): Federal tax return form for reporting charitable gift in excess of $5,000, used to report gift with appraisal to justify gift’s valuation. To be signed by tax payer, appraiser and receiver of gift (land trust)
“The tax credits help a lot of farmers because a lot of them are land rich and cash poor.”
--Dan Hodges of Franklin County. The late Mr. Hodges worked with the Blue Ridge Land Conservancy to protect his family farm in Hardy.
“With the tax advantages from our easement donation, I feel like we sold part of our land and got to keep it all.”
--Arnold Hurt. Mr. Hurt and son David (left) worked with the Blue Ridge Land Conservancy to protect their family farm in Franklin County.