For many people and companies, Donating Real Estate is about the able to rid themselves of unwanted property. They simple want out. They are tired of property taxes, insurance costs and the liability exposure.
Ralph Maupin has worked with individuals, charities, and small corporations for years as a consultant expediting the donations process. “For many people and companies, donating real estate is about the ability to rid themselves of unwanted property, maintained Maupin. “They simple want out. They are tired of property taxes, insurance cost and the liability exposure.”
Central Visions is a company that specializes in transforming gifts of land into valuable assets for charity. Their program, Donating Real Estate, is designed to make the process as painless as possible for both donors and charities. Donating Real Estate guides you through each step along the way while serving as the single contact point between charities and donors who are gifting land.
Michael Schoen, is a principal for Central Vision’s Donating Real Estate program and an expert in every aspect. Schoen helps donors and the charity obtain the most value in the gifting property. Michael will ensure a successful completion of the charitable giving process.
As a Licensed Real Estate Professional who understands all aspects of donating real property to charity, Michael works with the donor and the charity to coordinate a smooth, successful property transfer.
Here are some tips for real estate donors:
- The following tips apply if the donated property is owned in the donors name; with the donor’s spouse or other persons.
- If you have held the property for more than one year, it is classified as long-term capital gain property.
- Donors can deduct the full fair market value of the donated property.
- Charitable contribution deduction is limited to thirty percent (30.00%) of donor’s adjusted gross income.
- Excess contribution value may be carried forward for up to five years.
- If the property has been depreciated, the fair market value must be reduced by its accumulated depreciation through the date of contribution.
- Fair market value is most commonly determined by an independent appraisal.
- If donor elects to deduct the cost basis of the donated property, donors are allowed a deduction of fifty percent (50.00%) of donors’ adjusted gross income.
- Excesses here again can be carried forward up to five years.
- Which method donor elects is dependent on the cost basis in the property donated, tax bracket, the age and health of the donor and whether donor plans to make future contributions.
Contact Michael Schoen at 248-757-1713 to learn more about donating real estate to charity.
4380 W. Grand Blanc Rd
Swartz Creek, MI 48473
This press release was submitted by Right Now Marketing Group.
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