Conservation Easements
We value our farms, ranches, and agricultural way of life in the North
Fork Valley.
A conservation easement is a way to preserve ag land by
exchanging development rights for tax credits. This provides cash to
the farmer and assures that Colorado's farmers can provide food
for us in the future.
Conservation links:
Colorado Conservation Trust
Map of Colorado
Conservation Organizations
Black Canyon Regional Land Trust
Contact Tel: 970.252.1481
Can't afford to sell because the tax bill will be more than the
profit?
In 1990 the IRS created a tax deferment procedure for
turning the sale and purchase transaction of like-kind property into
an "exchange" - a 1031 Exchange. The like-kind provision
for Real property is broad, and includes Land, Rental, and Business
property.
Generally, if you exchange business or investment property solely for
business or investment property of a like-kind, no gain or loss is
recognized under Internal Revenue Code Section 1031.
The biggest problem facing many folks when selling their land investments,
farms and small businesses is finding the desired qualifying property.
We can help by targeting "like-kind" real estate
for your consideration.
Other 1031 Exchange Facts
"Personal properties of a like class are like-kind properties. However,
livestock of different sexes are not like-kind properties." — IRS
Real property in the United States and real property outside the United
States are not like-kind properties. — IRS
Section 1031 does not apply to exchanges of inventory, stocks, bonds,
notes, other securities or evidence of indebtedness, or certain other
assets. — IRS
As of July 2004, the IRS now allows replacement property to be purchased
before the original property sells.
The money from sale of property to be used in a like-kind purchase
must be held by an independent party or "exchange facilitator".
Without a Qualified Intermediary (QI), who will establish an escrow
account, the IRS may not define the transaction as a 1031 exchange.
Always discuss a 1031 tax deferred exchange with your tax and/or legal advisors.
More
1031 Exchange info, IRS >> |
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