Why Donating Real Estate is needed by Investors Home Owners Charities & Commercial Property Owners
WHY DONATE REAL ESTATE?
There are many great reasons to consider donating real estate to charity. Typically, our donors have been motivated to give for reasons including substantial tax deductions, freedom from unwanted property holdings, quick turnaround on real estate assets, efficient liquidation of corporate real estate, and ultimately, the ideal way to give a generous gift to a favorite charity.
REGARDLESS OF YOUR REASONS, WE CAN GUIDE YOU IN YOUR DECISION TO DONATING. EVERY YEAR, WE HELP HUNDREDS OF PEOPLE NATIONWIDE CONTRIBUTE VIRTUALLY ALL TYPES OF PROPERTY INCLUDING:
Residential houses or land Industrial buildings (abandoned) or land Apartments or condominiums Most types of mortgages Properties subject to life estates Commercial property Vacant land Hotel buildings Contract for deed Sandwich leases
IS IT HARD TO DONATE REAL ESTATE?
Our program is designed to make the process of transforming real estate gifts into valuable assets for charity as simple as possible. Donating Real Estate will guide you through each step along the way, while serving as the single contact point between you and the charities. Our real estate professionals can get you started immediately. Just contact us by phone or fill out our online form to initiate the giving process.
REAL ESTATE DONATION PACKAGE
Upon the decision to proceed with the donation, the next step is to send you a donation package, which consists of the following documents:
A. Acceptable Deed in Your State
B. Donation Agreement
C. Declaration of Deed
Gift REAL ESTATE DONATION PROCESS – AFTER INITIAL CONTACT After the initial contact, our real estate agents will schedule and appointment to look at the property. This preliminary inspection is simply to determine the condition of the physical property itself, inside and out. Based on this inspection, we will then make the decision to move forward with the donation process.
IRS TAX DEDUCTIBLE PROPERTY & DONATIONS TO CHARITY
A Real Estate Donation, whether vacant land, industrial, residential, land contracts, commercial property or timeshare, provides you with a great way to enjoy what many consider an impressive tax deduction. If your real property asset has grown in value, or unfortunately turned into a non producing property in your portfolio, it may be the time to consider a real estate donation. Real estate donations make good sense for both individuals and corporate donors. The equity from your real estate donation helps us continue to benefit the many commendable causes we support. Real Estate with Causes is here to provide you with the know-how necessary to conduct a real estate donation that optimizes the benefits for both you, the donor, and those we serve. submit your donation here: https://drivingsuccessfullives.org/contact-us/
WHAT CAN A REAL ESTATE TAX DEDUCTION DO FOR YOU?
CORPORATE DONORS The following rules apply if your charitable donation of real property is made by a corporation: If you have held a controlling interest in the corporation and the property has been held for more than one year, the corporation may deduct up to ten percent (10.00) of the net profit of the corporation (Please check with your tax professional). Excess contribution amounts can be carried forward up to five years. The fair market value here must be reduced by the amount of accumulate depreciation.
INDIVIDUAL DONORS These rules may apply if the donated real property is owned in your own name, with your spouse or other persons (Please check with your tax professional): If you have held the property for more than one year, it is classified as long-term capital gain property. You can deduct the full fair market value of the donated property. Your charitable contribution deduction is limited to various percentages of your 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 you choose to deduct your cost basis of the donated property you are allowed a deduction of fifty percent (50.00) of your adjusted gross income (Please check with your tax professional). Excesses here again can be carried forward up to five years. Which method you choose to follow is dependent on the cost basis in the property donated, your tax bracket, the age and health of the donor and whether you plan to make future contributions (Please check with your tax professional). submit your donation here: https://drivingsuccessfullives.org/contact-us/
Get you questions answered here: https://drivingsuccessfullives.org/