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donhme
Returning Member

Bargain Sale

I did a bargain sale of qualified conservation capital gain real property to a conservation trust.  Can TT

handle this donation?

 

 

3 Replies
ReneeM7122
Level 9

Bargain Sale

Yes, TurboTax can handle the bargain sale of qualified conservation capital gain real property to a conservation trust, or conservation easement.

 

Report conservation easements and other non-cash charitable contributions by filing Form 8283, Noncash Charitable Contributions, with your tax return.

 

Under a conservation easement, a property's owner gives up the right to make certain changes to that property, to preserve it for future generations. Such an easement usually limits the usefulness of the property and lowers its value. When a conservation easement meets criteria, the owner may qualify for a tax deduction based on the property's reduction in value.  TurboTax will help you determine that deduction.

 

To find Form 8283, use the Jump to feature to go directly to the form.  Here is a TurboTax help article with instructions.

donhme
Returning Member

Bargain Sale

The property is capital appreciation real property.  I sold it to a conservation trust organization for an amount below its appraised value.  I want to treat this as a bargain sale and I see no way to do this on TT.

 

Can you explain why you think it can  be done?

 

Thank you.

ReneeM7122
Level 9

Bargain Sale

To report a bargain sale to a conservation trust organization, use form 8283, Noncash Charitable Contributions.

In this form, you will report:

  • The FMV of the easement
  • The amount paid for the easement
  • The donation value of the easement

Here is a TurboTax article about form 8283.

 

You can get to this area of TurboTax by following these steps:

1. Sign into your account and select your current return

2. Select the search box on the top right and enter Donations

3. Select Jump to Donations

 

This will take you to the are to enter your information.

 

 

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