Donate Real Estate: You Get Tax Breaks For Charitable Giving.
To Donate real estate for worthy causes is getting pretty easy these days. The reasons to donate real estate are getting pretty compelling too. You may not be getting enough income from the rental property. Fair market value for your property might be far higher than the actual price you’d realize from the sale of your property. Actual sales price can be much less during those times in which there is a distressed market. People say we’re in such a time. Maybe you need to make the sale quickly. You won’t be able to do the deal quickly at fair market rates. I know. A buyers market is just a nice way to say they have a license to steal from you. But what can you do?
To donate property–whether that be your own house or your commercial property — can make sense.
A charitable gift of land, homes, even a fur can result in a significant tax deduction. The animal rights group PETA will not have a problem with this. If need be, you can donate the whole house–furniture and all – to charitable causes. But don’t donate your cat. Donate real estate. Take your pets with you.
The benefits of making a donation of your property can be better than selling. Why? Due to the quick liquidation of assets? Sure. You also get the opportunity to benefit charities and folks with needs. Charity is good. Find your favorite non profit and make a noncash contribution. Last — but not least — charitable contributions can be used to give you fair market value deductions of your property on your taxes.
MatchingDonors, a 5013C non profit– is rapidly becoming the most recognized 5013C organization for donating real estate. They arrange for you to get a tax deduction at fair market value. Then they’ll move the property quickly anywhere in the United States –including Alaska and Hawaii
Organizations like MatchingDonors give you an assessment on your property at fair market value for tax purposes, sell the the property quickly and give a percent of the proceeds to the institutions of your choice. These can range from institutions devoted to education like Hillsborough College, or great non profits like Habitat For Humanity or Cancer Research or even PETA. Humanity is served and so are you.
There are several other organizations that do this including Donating Real Estate, Real Estate With Causes, and 1-800-CHARITY CARS.
Some local organizations in the state of California that facilitate this work are include the San Diego Charitable Real Estate Foundation, Real Estate Trust at Silicon Valley Community Foundation.