Donating your unwanted real estate to Giving Center is a grand gesture. Giving Center is an IRS approved non profit that operates nationwide! We are prepared to handle any type of real estate; whether you want to donate land, donate a home, donate commercial property, donate industrial property, or donate rental property. While you are alive, feel free to contact Giving Center and make your desire known. You may be surprised at the answers you get!
Public or Private?
There are tax implications to consider when making donations. When donating to Giving Center you can usually make a tax deduction for the fair market value of the property. Not sure what you would be able to deduct? We are happy to help with any questions or concerns you may have! Want to speak to a live representative? Give us a call toll free (888)228-7320 today!
Pay it off or keep it mortgaged?
Most charities do not want the hassle of a mortgaged property. This can open up business tax income and they don’t want the bother or the expense. So if possible, pay off any mortgages or leans on the property before making the donation.
Want to know if donating real estate with a mortgage can benefit you? Visit us here.
The Charity Sells the Property
If the charity decides to sell the property within the following three years then it has to report the sale to the IRS. If the price they got is a lot less than your deduction claim, the IRS will probably challenge your deduction. So in order to avoid any such problem, make sure your appraisal is well documented. Selling the property allows the charity to realize cash from the transaction and put it to work towards their cause.
Charities don’t always have a use for the land, but Giving Center has the staff to sell it. In order to donate land it must have a clear title and you must pay off any mortgage on the land. A professional appraisal is required to determine fair market value since this is the only amount of the deduction you can take.
Transfer of land is pretty easy. Normally you work with the charities’ legal guns to draft a deed giving them ownership of the land. Our experienced representatives are prepared to handle your property donation regardless how big or small! If you are interested in making a charitable real estate donation, contact us here, or give us a call at (888)228-7320 to speak with a live representative.