Conservation and façade easements are effective ways to reduce the potential taxes on a property and protect their current state for future generations. However, in some cases, the IRS may dispute the amounts claimed. A Baltimore conservation and façade easement disputes lawyer can help you determine how much of a deduction you can claim and whether you are in line with those laws, as well as help you improve the outcome of the dispute. Reach out to our IRS audit attorney to learn more.
Conservation and façade easements give up some of the property owner’s right to make changes to a specific property or area of the property. An attorney in Baltimore could help an individual understand conservation and façade easements, especially if there is a dispute.
Façade easements restrict the changes a property owner can make to the exterior of a building. Often, they are granted because a historical organization wants to reduce the changes made to the exterior in order to preserve its historic look. Because of Baltimore’s rich history, these easements are fairly common.
Conservation easements give up a property owner’s right to potential future development of the property, often to protect some of its natural, scenic, or agricultural features. Conservation easements can also be used to prevent development in historic areas.
Façade and conservation easements can lead to tax deductions in several areas. That can include:
These tax incentives are often the reason property owners choose conservation and façade easements.
The IRS may dispute the amount of the tax deductions claimed by the property owner. Several common disputes include:
In addition, if the property owner uses the property in a way inconsistent with the restrictions of a façade or conservation easement, the property owner may no longer be eligible for the deductions previously claimed.
The rules around both façade and conservation easements can prove complex. In many cases, property owners may struggle to understand those requirements and follow them effectively. Working with a conservation and façade easement disputes tax lawyer in Baltimore can help property owners understand the ins and outs of the requirements, where the IRS is claiming they deviated from them, and how they can protect their right to claim those tax deductions.
If you find yourself dealing with an IRS dispute over the amount claimed for a conservation or façade easement, or even over your right to claim the tax deductions presented because of that easement, a Baltimore conservation and façade easement disputes lawyer can prove essential to protecting your finances and avoiding costly fines. Reach out to Whiteford Tax Defense today to discuss your options and your next steps, including how you can protect your tax benefits despite these allegations.