Under relevant provisions of the Internal Revenue Code (IRC), U.S. taxpayers who own real estate of historical significance can receive tax breaks for agreeing to preserve their property in its current condition. In the words of the Internal Revenue Service (IRS), “In recognition of our need to preserve our heritage, [the IRC allows] an income tax deduction for owners of significant property who give up certain rights of ownership to preserve their land or buildings for future generations.”

When you sign, seal and file your 2020 tax returns, will it be time to breathe a sigh of relief knowing that you can put tax season behind you for another year? Or, will you need to hold your breath in case the Internal Revenue Service (IRS) comes calling?