Perpetual Easement Form
Description
How to fill out Colorado Perpetual Easement For The Use And Maintenance Of A Recreational Trail?
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FAQ
Recording: The Easement must be recorded in the Office of the County Recorder of the county in which the Land is located. Copies: Copies of the fully executed recorded Easement should be provided to the campus real estate office and to RESS.
2 The term in perpetuity simply describes the permanent nature of the transfer. The IRS included this requirement to ensure that the donation is an enduring commitment to protect the values for which the easement was granted (see the text box on page 2 for a brief description of conservation easements).
Perpetual easement is that type of easement which is to last without any limitation of time. It is a right which a person has on the property of another person which to an extent is permanent.
Background on perpetual easementsEasements are treated as a recovery of the basis of the property first, with any excess proceeds treated as capital gain, which is taxed at a lower rate than ordinary income. The basis of property that offsets an easement is limited to the basis of the affected acres or square footage.
Whoever is paying for the easement will send you a Form 1099 at the end of the year. If you get a 1099-MISC for rental payments, you report the income on Schedule E. For a permanent easement, you get a 1099-S and use Schedule D to report capital gains.