In central Texas, an anonymous donor gave his house to a local charity that supports students in low-income communities who will be the first generation in their families to attend college. Starting in the sixth grade, the children get leadership experiences, advising, and tutoring. The charity was able to sell the donated house for nearly $700,000, and both the donor and the charity were overjoyed by the amount of help the house was able to provide.If the donor had sold the home himself, the donated amount would have been much lower because of all the fees associated with real estate transactions, as well as the taxes he would have had to pay.This example and others like it are encouraging more and more people to consider donating houses to Giving Center, an IRS Approved Non Profit that operates in their own communities. With your charitable donation, Giving Center helps the impoverished and underprivileged in your local community and across the United States. Giving Center makes it easy to donate! They accept a wide range of charitable contributions! You can donate a boat,donate a vehicle,donate real estate, donate aircraft,donate computers, donate collectibles, donate comic books, and more! There is no limit to what you can donate today!
Charitable donations are one of the best ways people can make a positive difference in the world. Donations are an important part of the legacy people leave for the next generation.Philanthropy is not only for the super-rich; in fact, individuals at any level of income can experience the joy of sharing what they have. That is why Giving Center accepts a wide array of donations! Don’t have real estate to donate? Visit our website here for more information on what you can donate! Many people who feel a strong commitment to support a Giving Center donate their houses, either by transferring the title of an unoccupied house or leaving a house in a will.HOW DONATING A HOUSE CAN HELP GIVING CENTERGiving Center can get a huge benefit from the donation of a house, no matter how they decide to use the property.
Donations Give Full Value
If a homeowner sells a home and then donates the profit from the sale to a Giving Center, the charity receives the sale price minus fees, like closing costs, and any capital gains tax the owner will owe to the IRS. But if a homeowner donates a house outright, Giving Center receives the full value of the property and has several options for using the house.
The Charity Can Sell The House
Giving Center may choose to sell the house immediately and will most often do that if there is a mortgage claim that needs to be settled.Selling the house is also the best way for the charity to get a large infusion of cash.In addition, by selling the house right away, the organization will have no need to pay taxes on capital gains.Donors who have a strong sentimental attachment to a house should be aware that a donated house may be sold by the charity and may then be demolished in order to make room for a new development.
The Charity Can Rent The House
Alternatively, Giving Center can rent the house and earn a monthly income. This can be an easy option if the house was already being used as a rental property or vacation home. The income can be very beneficial in contributing to the organization’s ongoing operating costs.
The Charity Can Use The House
In some cases, depending on the location and condition of the house, a non-profit organization is able to put a donated house to use. For example, some donated homes have become office spaces for charities, and others have become shelters and halfway houses for the people whom the charity serves.
HOW DONATING A HOUSE CAN BENEFIT THE DONOR
Donating a house can also help the donor in many ways. Most of all, it can relieve the homeowner of a burden, and it can provide a helpful tax deduction.
Getting Rid Of Burdensome Property
For one thing, donating a house can be a good way to get rid of a property that is difficult or costly to maintain.For example, a homeowner who inherited a property in another state had no interest in moving into the house or renting out the property long distance. The cost of keeping up the house and paying property taxes seemed burdensome, as did the cost of selling the property through a real estate broker. The homeowner eventually donated the home to Giving Center, and was relieved of the burden for caring for the property.
Eliminating Capital Gains Tax
Making a donation can also help the donor avoid capital gains tax.
A capital gains tax is a tax that is owed on the amount a property increases in value between the purchase and the sale. In other words, if a house was purchased for $150,000 and then sold ten years later for $250,000, the owner would owe taxes on $100,000 in the year in which the house was sold.When a house is donated, on the other hand, the capital gains disappear.
Providing A Tax Deduction
In addition, donating a house allows for a tax write-off of the fair market value of the property, minus any unpaid mortgage balance.Being able to deduct the value of a house can make a significant difference on tax returns.
However, if the tax deduction is your primary motivation in donating a house, it will be a good idea to consult with a financial advisor to make sure you understand exactly how the deduction will impact your tax return.
HOW DONATING A HOUSE WORKS
The process of donating a house can vary according to several factors. Some of this factors include the condition of the house, the amount of debt still owed on the house, the owner’s needs, among others.
For More Information on How to Donate a Home Visit Us Here.
Giving Center has live representatives standing by to help answer any and all questions you may have. If you are interested in donating real estate,donating a boat, donating a vehicle, donating aircraft,donating collectibles, or donating anything else please contact us toll free at (888)228-7320 today!