Why Donate Real Estate?
Most donors of real estate are just tired of the financial and maintenance responsibilities that property ownership bears or want to benefit from income tax savings from the donation.
As a real estate owner you are responsible to pay property taxes. Property taxes are expensive and failure to pay property taxes may result in foreclosure. Also, paying property taxes for a property that you don’t use are a financial burden and reduce the net property value over time.
The same concept applies for property insurance. Failure to pay for insurance may trigger foreclosure as well. However, property insurance may not be mandatory if you haven’t financed your property. Most property owners loose their home in foreclosure, if they don’t make mortgage payments as agreed upon with the bank.
Property maintenance. By law, an owner must maintain a property to keep the property reasonable safe and make adequate repairs for anyone entering the property. Failure to maintain your property may result in injury law suits against you and your property. Some property owners simply don’t have the funds available to adequately maintain their homes and a donation is the only way out of the downward spiral. Another reason to consider the donation of your properties is to avoid inheritance disputes upon your passing.
Donate your property today and be relieved from the burden of ownership and enjoy tax benefits at the same time.
Make a larger donation impact when you donate the property instead of selling the property yourself. When you donate the property, we may sell it at full market value and use funds for your causes. If you sell your property yourself, you either pay regular income tax or capital gains tax on the sales profit depending on individual circumstances. This will diminish your net proceeds and consequently the impact of your donation.
Purchase price too low
Tired of paying taxes
Helping the environment
I can’t sell my property