Donate A House To Charity Common Questions 

Here are a few of the most Frequently Ask Questions we received.

What are the benefits of donating a house to charity?

Urban Renewal Project Chicago will help you donate your house to charity in Chicago as a Direct Gift to a creditable 501(c)3 charitable organization.

As a Direct Gift, you will be eligible for a real estate donation tax deduction as the donor. This deduction will equal the fair market share of your property, and it may be carried forward for five years. You also avoid the Capital Gains Tax, which you would have to pay if you decided to sell your property instead.

Naturally, you would benefit from eliminating the financial burden of upkeep and property taxes, especially if the house is unwanted.

Why is the Urban Renewal Project Chicago donating the time, expertise, and expenses to help people donate their houses to charity in Chicago?

Urban Renewal Project Chicago is an extension of URB, inc. philanthropic activities.

Helping to make it easier and quicker for people to donate their houses to charity as well as other real estate in Chicago is a good deed that can make a difference for charitable causes.

It is advisable that you contact a legal and tax professional with expertise regarding donating your property to a charity, before contacting Urban Renewal Project Chicago.

What is a qualified 501c3 charity organization?
Section 501c3 is the portion of the US Internal Revenue Code that allows for federal tax exemption of nonprofit organizations. One of the most distinct provisions unique to Section 501c3 organizations as compared with other tax-exempt entities is the tax deductibility of donations. 26 U.S.C. § 170, provides a deduction, for federal income tax purposes, for donors who make charitable contributions to most types of 501(c)(3) organizations

Will I be charged any fees for donating my house to charity in Chicago with the help of the Urban Renewal Project Chicago?
No. Urban Renewal Project Chicago donates its time, expertise, and expenses to help you donate your house to charity or any other type of real estate in Chicago you want to donate to charity.

Are there any costs for donating my house to charity in Chicago?
Urban Renewal Project Chicago donates its time, expertise, and expenses to help you donate your house to charity or any other type of real estate in Chicago you want to donate to charity, so you will NOT have to pay closing and recording costs. However, in order to receive your tax deduction, you’ll need a current appraisal on the property. According to IRS regulations, a recipient of a real estate donation cannot pay for the appraisal or recommend any appraisers.

Can I donate a house to a charity in Chicago that is in need of repair?
Yes. With Urban Renewal Project Chicago’s help, the house and any other type of real estate in Chicago you want to donate to charity will be considered even if it is in need of repair.

Can a house that I could not sell be donated to charity?
Most of the time with Urban Renewal Project Chicago’s assistance. However, donated houses and any type of real estate in Chicago are evaluated individually.

Even though I’m donating my house to charity, do I need an appraisal?
Yes, donating a house to charity or any type of real estate you will need to have and pay for an independent appraisal. According to IRS regulations, a recipient of a real estate donation cannot pay for the appraisal or recommend any appraisers.

How long does it take to donate a house to charity in Chicago?
When donating a house to charity or any type of real estate in Chicago, if all papers are in order, and the title is clear of any issues, Urban Renewal Project Chicago can help shorten the process to typically between 3-6 weeks.

When donating a house to charity in Chicago do I need to be present at closing?
No. Donating a house to a charity in Chicago, or any type of real estate, Urban Renewal Project Chicago will make sure the necessary documents for you to sign can be mailed or emailed to you or your attorney.