Who Should Donate Real Estate To Charity?
Make a positive difference for others less fortunate
House donations, land or other types of real estate donations that are donated to Real Estate with Causes each come with their own unique reason. So to answer, Who should donate real estate, anyone that is holding onto property that wants to help others and themselves at the same time.
In reality, around 10% of the real estate donations we receive are from those that really want to help us to continue supporting important charitable causes. The remaining 90% of our donors also wish to help, but ultimately seek a current market value tax deduction. It goes without saying that in today’s world the benefits of an IRS tax deduction is quite an attractive prospect. Why not? And you can make a positive difference for others less fortunate as well.
Tax Deduction = Current Market Value
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 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.
Who Should Donate Real Estate
Those that want to help improve the communities in which they live. Ideally, this should be the greatest consideration.
Businesses with properties that are idle, lacking a positive cash flow and are assets that will never reach any useable potential.
Fully depreciated properties that do not serve the financial interests of the donor.
Uninsured catastrophes that are more a detriment financially to continue to maintain.
Anyone seeking valuable income and estate tax savings - IRS Tax Deduction
Those wishing to receive Income for Life with a Charitable gift annuity or Life Estate