Donate Commercial Real Estate And Get Tax Deduction

It commonplace to donate cash, clothing or other household goods to charitable organizations. It is not so common to donate commercial real estate. Real Estate owners may decide to donate their property to a charity for a variety of reasons; the donation process for commercial real estate can be easier with the help of the Giving Center.
When you are deciding which charity you would like to donate real estate to, remember you may only collect tax benefits with an IRS approved nonprofit charity. Although you can give your property to any charity you wish, you can only deduct the donation if it is made to a charity recognized by the Internal Revenue Service. Giving Center is an IRS certified 501(c)3 nonprofit charity. That means you can donate real estate to Giving Center and not have any capital gains exposure because you are donating — not selling — the property.
Keep in mind the size of your tax deduction is determined by the current market value of the real estate, as opposed to the cost of the real estate when it was purchased. So if you purchased your property in 1968 for $92,000 and this year it is worth $892,000, the current value is what you base your tax deduction on and in this case, it will be quite substantial.
Talk to your CPA about all the ways a real estate donation can benefit you.
The Giving Center has a simple online form that collects all the general details needed to start the donation process, including property address and owner, type of real estate, and condition. Giving Center runs a standard review on the real estate, including title search, tax and lien search, and environmental violations search to determine if the charity will be able to accept your property. If your generous donation can be accepted they will take care of all the rest and then send the closing documents to you for signing.
Giving Center also excepts other types of real estate donations such as house donation, land donation, industrial property donation, farmland donation, rental property donation.

Comments

Post a Comment

Popular posts from this blog

Sacramento Furniture Donations

Image
If you live in Sacramento California and have furniture that you no longer need, there is a great charitable organization that will be happy to take most items off your hands. Whether you live in Rosemont, Elk Grove, Rancho Cordova, or any other cities close to Sacramento, you can make an easy   furniture donation   with the   With Causes Charitable Network . Sometimes, the easiest way to deal with moving furniture from one location to the next is to not move it at all. It can easily end up costing you  more  to have movers ship all of your old furniture to your new home. Or maybe you are just replacing your furniture in your home or office. Whatever the case,  donating furniture  to charity is a fantastic solution for offloading used household items. All throughout California, there are many charities that will gladly take your items off your hands. However, if you are in the Sacramento area, consider donating to the  With Causes charitable Netwo...
Read more

Businesses And Charitable Contributions

Image
Some new studies coming out are showing millennials have driven the social responsibility movement to all new heights, with 70% of them reporting that they are planning to spend more with brands that  support causes . Given that millennials represent $2.45 trillion in spending power, the idea of “giving back” can be very powerful for your company’s sales, not to mention, it’s overall purpose. Enterprise businesses have come up with some really creative ways of doing social good. You do not need a huge budget or full marketing team to execute a strong “giving back” campaign. Corporate donation is a great way to generously help a  charitable organization  that matter to you, your employees, and your community. Most businesses are able to make charitable donations each year. There are lots of benefits to corporate donations, but here are four that you might want to consider. Employee Morale Corporate donations allow companies to take active rolls in their own commun...
Read more

Wondering What To Do With That ATV That's Been Taking Up Space?

Image
Does your family have an idle like an ATV taking up space in the garage? Reliable, trustworthy, rewarding  ATV donation   is possible online with   Giving Center . Giving Center promises to deliver the best   impact on the community   with your generous   ATV donation …by carefully screening recipients, spending as much as possible of the proceeds on beneficiary programs, as well as by giving back to you. When you   donate ATV , all proceeds (or repurposing) help a great variety of programs and peoples alike— including you. You qualify for a   fair market value tax deduction   because when you make a donation with us, you are making a donation to an IRS qualifying nonprofit charity. Small recreational vehicles like ATVs are fun and useful, but they can often be much more difficult to sell than other vehicles. When the time comes to upgrade or simply get rid of your used ATV, donation is an easy option. Rather than dealing with the headac...
Read more