National Historic Register?

[Catherine]

Homeowner's association, taxed as a corporation for various reasons, paid a couple thousand dollar fee as part of an application to be listed on the National Historical Register. The development was one of several designed by Gropius and built in the 1950's.

Intangible asset. But is is amortizable, or an expense? It's not a license; it's not a trademark; it doesn't make the place more "salable" (in fact, it puts restrictions in place) -- but it's permanent (=multi-year use) and a couple thousand bucks.

[Catherine]

bumping up the queue...

[kcjenkins]

Property owners donating "qualified" conservation or preservation easements to a "qualified" easement-holding organization, under the regulations set forth in 170(h) of the Internal Revenue Code, may be eligible for a federal income tax deduction.

While I am not knowledgeable in this area, here are a few links that might help.

http://www.irs.gov/Charities-&-Non-Profits/Conservation-Easements

http://www.preservationnation.org/preservationbooks/#.Uw-L5vldWi0

http://www.thc.state.tx.us/public/upload/Tax-Credits.pdf

It looks like you can not deduct the cost of getting the designation, but there are tax credits for costs of maintaining the buildings on the Register.

[Catherine]

Thank you, KC!