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Form IT-242:2013:Claim for Conservation Easement Tax Credit:it242 - tax ny

Form IT-242:2013:Claim for Conservation Easement Tax Credit:it242 - tax ny-2025

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The document is a form (IT-242) from the New York State Department of Taxation and Finance for claiming a tax credit related to conservation easements. It outlines the necessary information and calculations required for individuals, partnerships, estates, and trusts to report their allowable conservation easement tax credits as per Tax Law Article 22, Section 606(kk). The form includes sections for reporting real property taxes, shares of credits from partnerships or estates, and identifying details about the conservation easements.

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What is the tax rebate for conservation easement?

Conservation easements facilitate other conservation tools Federal law allows an annual exclusion from the gift tax. In 2022 the exclusion amount is $16,000 per donor per donee. By reducing the value of land, a conservation easement allows more land to pass, tax free, to the next generation.

How does the IRS treat easement payments?

Per IRS Publication 544 Sales and Other Dispositions of Assets, page 3: Easement. The amount received for granting an easement is subtracted from the basis of the property. If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received.

What are the economic benefits of conservation easements?

What are the advantages of conservation easements from the landowners per- spective? Donations of conservation easement can reduce federal and state income taxes, capital gains taxes, estate taxes, and property taxes.

Can you deduct federal taxes for conservation easements?

For a conservation easement to be eligible for a tax deduction, the property rights must be donated for conservation purposes to what the tax code calls a qualified conservation organization. These can include certain: governmental units. charities. and some other tax-exempt groups.

What is the conservation easement tax credit in NY?

The Conservation Easement Credit (CEC) offers New York State taxpayers an annual income tax credit of 25% of their school district, county, and town property taxes up to $5,000. If a landowners tax credit exceeds the amount, the taxpayer owes in state income taxes, the landowner receives a payment for the difference.