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.
While it’s common for people to donate cash, donate a vehicle, or household goods to charitable organizations, such as Giving Center. It’s not as common to donate a house.But such an action can be done. Homeowners might decide to donate a property to Giving Center for a variety of reasons; however, the donation process for houses can be complicated because it involves different legal aspects and tax implications.
So How Can You Donate Your Real Estate with Giving Center?
Step 1. Hire a licensed appraiser to determine your property’s fair market value. If there is no mortgage loan balance on the property, the appraised value will be the basis of the donation. If there’s an unpaid loan balance, it is subtracted from the fair market value to determine the equity.
Step 2. Decide which charity you’d like to donate your house to. Although you have the right to give your property to any charity you wish, you only will be able to deduct the donation if it’s made to a charity recognized by the Internal Revenue Service. is an IRS Approved 501(c)3 non profit organization located in the United States. We provide you with the proper tax documentation you need to get the maximum deduction possible.
Step 3. Contact an attorney to advise you through the donation process. With large donations, such as a house, there are various methods to donate it. You can give the property away outright, leave it in your will, or place it in a trust. The attorney can help you determine which method is best for your situation.
Step 4. Finalize the transaction by signing the necessary documents, such as the deed, will or trust. Obtain copies for your records, and keep them in a safe place.