If you earn a lot of money, be very careful.
You see, if you operate an out-of-favor, specified-services business, your 199A deduction may vanish into thin air. Poof!
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Definition of “out-of-favor” according to Uncle Sam
Under the 2018 tax code, “out-of-favor” groups include lawyers, doctors,
accountants, tax professionals, consultants, authors, security traders, and others.
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But this needn’t be the case. That’s because if you play your cards right and the numbers work out, you can still receive a huge tax windfall.
How can you come out a winner? By creating or buying a “conservation easement.”
Want to find out how a conservation easement donation can create a hefty tax deduction for you? Read my new article titled Tax Tips: Use a Conservation Easement Donation to Create a $63,000 199A Deduction.
Three ways our fact-filled article can help you:
- We’ll explain conservation easement basics. The tax law allows property owners and partnerships in which you can buy an ownership interest to donate their development rights in exchange for a calculated fair-market value charitable contribution. Can you take advantage of this valuable deduction? You’ll find out when you read the full after-tax-reform article.
- We’ll tell you your options. There are three ways to qualify for your conservation easement charitable deduction. Good news … for one of the strategies you don’t even need land or a building. You simply need some cash to invest in a partnership. We’ll give you all the details when you read the full after-tax-reform article.
- You’ll learn how to comply with IRS requirements. If you choose the real estate partnership option and it’s got really big tax benefits, you’ll need to file Form 8886 Reportable Transaction Disclosure Statement with your tax return. You’ll also have to provide full disclosure of the transaction details. But don’t worry. The strategy is sound and completely legal if administered properly. You’ll get the whole story when you read the full after-tax-reform article.