Are there tax benefits to putting a plaque on my historic home?

Q: I live in a condo that it is on the national historic register. Is it true that if we were to place a plaque on the front describing who lived there, year built, etc., we could receive some type of tax benefit? --Townie, Charlestown

The following answer was provided by Mark Misselbeck, CPA, Levine Katz Nannis & Solomon PC, Needham.

A: There are two potential tax benefits for a property such as yours, however, as is usual with taxes there is substantially more involved than merely placing a plaque on the property.

If the property is depreciable (being used in a trade or business or rented out), then a credit may be generated for rehabilitation costs associated with the property, provided various conditions are met (preservation of the Frame and Facade, with conformity and certification by the National Park Service requirements). This is the first benefit.

The second is a charitable donation deduction if you grant an easement to a qualified organization that restricts the development and future use of the property. Again, substantial paper work and appraisals are required to be able to obtain this deduction.