It is common for people to donate cash, clothing or household goods to charitable organizations, however, it is not as common to donate commercial property. But such an action can be done. Property owners might decide to donate their property charity for a variety of reasons; the donation process for commercial property can be easier with the help of Real Estate With Causes .
When you deciding which charity you would like to donate property to, keep in mind you can only collect benefits with an IRS approved nonprofit charity. 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. Real Estate with Causes is a part of an organization that is an IRS certified 501(c)3 nonprofit charity. You are able to donate property to Real Estate With Causes and not have any capital gains exposure because you are gifting — not selling — the property.
Real Estate with Causes has a quick form that collects all the general details they would need to start the donation process, including property address and owner, type of property, and condition. They will run a standard review on the property, including title search, tax and lien search and environmental violations search to determine if the charity can accept your property. If your gracious donation is able to be accepted they will take care of all the rest and then send the closing documents to you for signing. Real Estate with Causes takes care of the deed transfer and recording, notifying all necessary state and municipality authorities in order to finalize the transfer.
Keep in mind 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.
Real Estate with Causes also excepts other types of property donations including: house donation, land donation, industrial property donation, farm land donation, rental property donation, and much more!
Ask your CPA about all the ways a real estate donation can benefit you.
Real Estate with Causes wants to ensure you have the best experience and will go the extra mile to ensure that you have everything you need for a fast and easy donation process. If you have any questions about your Property Donation you can reach one of their friendly representatives at 888–228–7320 or submit any questions online here.
