10/14/2012
Real Estate Donations - Why Donate Real Estate?
UNITED INTERFAITH COUNCIL 501c3 est. 1994
Most Americans do not have a large real estate portfolio. Those that do have found out they can enjoy significant financial benefits and provide a charitable benefit to the community at the same time with a real estate donation. A real estate donation to United Interfaith Council 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 Real Estate with Causes and our many charitable endeavors.
Size of Tax Deduction Determined by Current Market Value
One of the advantages to the donor is that 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 1988 for $112,000 and today in 2009 it is worth $412,000, the current value is what you base your tax deduction on. Real Estate Tax Deduction
(Also, by donating a property instead of selling it outright, real property donors can avoid paying brokers' fees.)
Why Have Others Decided to Donate Real Estate?
The answer is that, in many cases, if one takes into consideration ongoing property taxes, maintenance costs, income taxes--or if the property is sold, the cost of legal fees, brokerage fees, estate taxes, inheritance taxes and capital gains taxes--it is often financially preferable to donate properties to the United Interfaith Council. It also saves heirs the trouble of trying to divvy up the gains if the will is potentially contentious or inequitable. Sometimes there are intangible benefits as well. Often a donated estate will bear the donor's name, making the property a de facto memorial.
A donation of Real property to United Interfaith Council can prove to be the best alternative to selling, due to the quick liquidation of assets, numerous tax breaks, and of course the opportunity to benefit charitable causes and families in need.. “The hand that gives, gathers.”
Selling Unwanted Property? Want a Better Alternative?
In many circumstances, selling is not ideal for unproductive property due to the many costs involved that outweigh the actual property worth. Because of this, many people hold on to idle real estate for lack of a better alternative, continue paying taxes, maintenance and upkeep costs, state and city fines etc, without ever seeing any return on their investment.
Real Estate with Causes can offer you the solution to this problem
Who Should Consider Donating 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.
Of course these are just a few of the reasons for you to consider a charitable donation of property. Who Should Donate Real Estate
Contact United Interfaith Council 312-582-4213
United Interfaith Council recognizes that your time is valuable! Whether a Real Estate professional, Broker, Corporate benefactor or an individual donor, your donations can help us to continue creating a better future through the charitable programs and the jobs that we create.
United Interfaith Council takes seriously our trustworthiness to donors, to those counting on our help, and to God, to wisely use the funds entrusted to us.
