In reviewing mountains of tax law changes for the year, I found one which struck me as rather amusing. I hope it is not a sign of things to come.
This deduction is very limited in use, but it is worth a laugh. There is a charitable contribution deduction allowed for qualified conservation easements. This deduction is allowed on property located in certain historical districts where the owner agrees to preserve the entire exterior of the building in a manner consistent with its historical character. Of course, there are a zillion ifs, ands and buts related to these provisions.
However, if the deduction exceeds $10,000, the taxpayer is required to pay $500 for the privilege of taking this deduction! Please don't pass this post on to your friends in Congress. It might give them ideas.
Meet the Author
- Sue Ballmann
- Germantown, Maryland, United States
- I am a native Washingtonian, and I have lived here most of my life. I received a BBA in Accounting from St. Mary's College in Notre Dame, Indiana. After graduation, I passed the CPA exam and earned a Master of Science degree in Taxation from the University of Baltimore. Pax Tax and Consulting Group, Inc. specializes in taxation. Because I look at the BIG PICTURE when approaching client problems, my experience includes mortgages and real estate. I also hold life and health insurance licenses. My professional activities included serving on the Federal Tax Committee for the Maryland Association of CPAs and several nonprofit boards. I was the President of the Germantown Jaycees where I was involved in everything from the Paint a Pumpkin project to running parades. Most recently, I am a graduate of CEO Space in 509, 709 and 1209. I am the CEO of Roman Collar Restaurant Ratings, Inc. where we rate restaurants all around the world and offer high tech business solutions. We are now launching a Global Interactive Assistant (GIA) which will read, answer and file your e-mail for you as you drive down the road. TELEPHONE: 301-908-7002