Donate Property

Donate property to charity. Might be a good idea –especially when fair market value is much more than what you could get for your property — if you sold right now. Times like these are no fun. We’re in a buyers market. People are not going to come to you for your property. It’ll be tough to turn the property into a rental as well. Likely, it’ll remain this way for a couple years.

Property donations are a standard solution for this kind of conundrum –especially when we’re talking about commercial property. The market can change very quickly. One month your inventory is moving as fast as you can get it out the door. You hardly have time for a cat nap. The next month you have land, a house and some used equipment that are standing around idle generating no value. You sit and you sit. Donating real estate to charities is one answer.

Maybe you have too many homes and too few tax deductions. The state will look on the sale of your property to a non profit as a charitable donation and give you a deduction on your taxes.

There are lots of great causes. Education is a perennial favorite. There are, after all, great colleges out there like Hillsborough College. There are organizations that build homes for the poor like Habitat for Humanity. There are Cancer Treatment Centers that test out new cancer treatments for the benefit of all humanity You can also give to Animal rights groups like Peta that protest against harvesting fur from animals.

There are 5013C’s that will address your needs. The will convert your noncash contribution by way of an appraised value into a number that the IRS will treat as a charitable gift. You can specify the institution you wish your gift to benefit. These non profits then quickly move your property.

There are several of them out there. However, MatchingDonors is rapidly becoming the premier organization for facilitating these kinds of transactions. They have many benefits. They can move property quickly in all 50 states. That includes Alaska and Hawaii. They will give you the option to donate to the charity of your choice. They will appraise your property at Fair Market Value. (In today’s market that can be considerably more than current market value.) They do move quickly. Property turn around is usually less than a month.

In short, you can make a silk purse out of sows ear. You can create a win-win situation. Donate property to a charity and help yourself by helping others.

For more information go to MatchingDonors or call 781-821-2204

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Posted under Uncategorized by admin on Thursday 16 October 2008 at 3:24 pm

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