Real Estate Donation Q&A
- Can I donate my house or lot to a charity?
Individual owners, Trusts, Incorporations or other legal entities can transfer properties to charities. Such donation is only tax deductible if you donate to a IRS registered 501 c (3) such as Donation Planet Trust, Inc.
- Why should I donate my property to charity?
Donating a piece of land or house is a win-win situation for al parties. You benefit through personal satisfaction to further a special cause and you can deduct the property value from your income taxes. The charity needs funding to support their causes.
- Is a land donation tax deductible?
The IRS has established strict rules about property donations and you can only deduct the fair market value of the donated property as appraised by an independent and licensed property appraiser.
- Who pays for a land appraisal?
- Which form do I need?
- What kind of property can I donate?
You can donate vacant land, plotted land for residential or commercial building, farm land, agricultural land, houses, condos, rental properties, commercial property and industrial property.
- Can I donate my house when I have a mortgage?
- What is a bargain sale to a charitable organization?
A bargain sale is the transfer of a property to a charitable organization where the non profit pays less for the property to the transferor than fair market value. The donated portion is then tax deductible to the maximum amount allowed by law.
- What is a Florida Charitable Gift Annuity?
This is a way to plan a donation upon your passing, so you can enjoy the benefits of the property as long as you are alive and we would benefit from it, when you pass away.
- Do I need IRS Form 8283 for tax deductions?
Form 8283 is used to report non cash charitable contributions. (Link to IRS Form 8283) This form must be signed by an independent licensed appraiser to confirm market value.
- Do I need to sign an agreement to donate my property?