New IRS Regulations Affecting Easement and Land Donations

 

In October 2024, the IRS passed new regulations with respect to land and easement donations made by pass-through entities such as limited liability corporations and certain partnerships and trusts. These regulations affect some donors and land trusts who have been party to transactions leading to US federal tax deductions taken in 2018 and beyond. If you are a US taxpayer or land trust that has been involved in the donation of a conservation easement or fee land in which a US federal income tax deduction was taken in 2018 or later, other than donations to American Friends of Canadian Conservation, we encourage you to seek legal advice as to whether these new regulations affect you. The Land Trust Alliance has published guidance for land trusts here.