My guest in this episode is Ernest Nesmith. Ernest brings over 15 years of financial services experience that include wealth management, insurance planning, and tax consulting. He has held the Series 7, 63, and 66 investment securities licenses and also holds his Life and Health Insurance License. Ernest leverages the experience gained working in the corporate divisions of three Fortune 100 companies that include Bank of America, Merrill Lynch, and TIAA-CREF as well as working independently as a financial advisor.
In today’s show, we will discuss Land Conservation Easements and how to utilize this vehicle as an incredibly powerful vehicle to reduce taxes legally as part of an overall strategy.
A Land Conservation Easement is a land preservation agreement between a landowner and a qualified land protection organization in which the landowner donates “qualified” land under Internal Revenue Code 170(h) and exchange may receive a federal income tax deduction in the amount equal to value of their donation.
The tax deduction is determined by determining the current value of the land and subtracting that number from the value of the land at its “highest and best” use. These numbers are determine by thorough examination by a qualified appraiser.
How much can one deduct from his income? As of December 2015, a person may deduct up to 50% of their income using this strategy.
This is a vehicle that accredited investors can utilize and has been extremely powerful for W-2 wage earners.
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