Real Estate Donations FAQ
Real Estate Donation FAQ's - Easily Donate Property to Charity
A real estate donation to Real Estate with Causes can help you rid yourself of nonproducing properties and also avoid capital gains tax on highly appreciated property. A real estate donation significantly reduces your legal and tax liabilities on the properties you donate and more efficiently attain personal financial goals while also supporting our many charitable endeavors.
Our organizations members are drawn from every ethnic and cultural background, age group, and economic level.. We can proudly say that all proceeds go directly towards supporting the programs and individuals that honestly have no where else to turn.. We have hundreds of requests for help every week, each situation unique in its own right. Without generous donors such as yourself, we would never be able to help fulfill the needs of those seeking our helping hand. Your Donations Help Us Fill In The Gaps!
The real estate donation process varies from property to property. There are many factors that can affect this process. Among these are a number of encumbrances ranging from civil liens to unpaid property taxes. Every effort is made to ensure that this is as simple and timely as possible from beginning to the final transfer of property title.
The size of the tax deduction is determined by the current market value of the property, as opposed to the cost of the property when it was purchased. So if you purchased your property in 1968 for $92,000 and today it is worth $812,000, the current value is what you base your tax deduction on and in this case it will be quite substantial. Tax Deduction Real Estate Tax Deduction
Upon the receipt of all documents and information, Real Estate with Causes will be able to determine if property can be received as a charitable donation. The donor's responsibility stops at the end of the acquisition process by Real Estate with Causes.
No, at the time of the closing, all necessary paperwork has already been completed. The actual closing itself will simply be a paper transaction that occurs once all legal requirements for the transfer of you charitable donation have been completed. If in fact there are any additional issues that arise, usually in regards to the title search, all parties involved shall be properly notified. Usually if this happens, it is just a simple matter of signing additional documents and the issues can be resolved before the actual closing.
Because closing the transaction usually takes place through a title company or another agent for the Donor such as an attorney, a title search will be performed so that all the necessary paperwork will be procured in order to proceed with the acquisition of the donation to Real Estate with Causes.
All expenses incurred during the process are generally accepted as the responsibility of Real estate with Causes. There are exceptions to this and under certain circumstances, an agreement is made to share the expense of the acquisition of your charitable donation. (I.E., Title insurance, property insurance, environmental testing, probate or other issues and costs) Commonly, the donor is responsible for all of the regular costs associated with the property until the acquisition of the property by Real Estate with Causes. This may include, but not be limited to all taxes, bills, and mortgage. There are of course exceptions to this. Every donation is considered on a case-by-case basis.
Residential properties including; Detached single-unit housing, Semi-detached dwellings, Attached Single-unit housing, Attached Multi-unit housing, Movable dwellings, Single family housing, Apartment complex, Condominiums, Hotels. Industrial properties including; Warehouse/Distribution buildings, Manufacturing buildings, Refrigeration/Cold storage buildings, Telecom/Data hosting centers, Flex buildings, Light Manufacturing buildings, R&D buildings, Showroom buildings, Biotech (Wet Lab) buildings... You may donate any type of Mortgage that you hold a current note on.
Commercial properties including; Public houses, restaurants, cafes, sports facilities, Retail stores, shopping malls, shops! office buildings, serviced offices, office/warehouses, garages, distribution centers, Healthcare medical centers, hospitals, nursing homes...
Properties subject to various types of leases including foreign owned properties.
Vacant land, Development land, Farmland, Ranch property
And properties outside the United States!
Heretofore, Real Estate With Causes has accepted partial shares of both commercial and residential properties, as well as partial shares of vacant land as charitable contributions. Real Estate With Causes will continue to accept partial ownership of properties, and as with all other real estate donations, the property must be evaluated prior to acceptance to determine if the share can be received as a charitable contribution. The evaluation process for a partial share donation is no different from donating any other type of real estate, and every effort is made to ensure that this process is as quick and simple as possible.