Donating real estate to charity?
How you benefit!
Donating real estate to charity is a sensible approach to relieve you of a financial burden, realize a nice tax deduction and maximize your philanthropic impact.
Tax advantages top the list of Benefits – By donating real estate to charity you receive a tax deduction for the fair market value of the property and in the case of inherited property, donating can be the only way to profit from a burdensome inheritance in many cases.
We always advised that you consult with legal and tax professionals regarding donating real estate.
More than a Tax-Deduction Added Benefits¹ to donate real estate to charity Right Now!
Freedom from the expense, tasks, and stress associated with owning and maintaining real estate.
No more property taxes: Yes, property taxes can be a deduction. But, paying property taxes is an ongoing outlay of cash and most likely any property tax deduction would be more than offset by the deduction you’ll receive from donating your property before your next tax bill is due.
No more upkeep costs: Chicago’s stiffer penalties and stricter requirements on owners to maintain their properties have substantially raised the cost just for upkeep, especially for vacant houses.
Keeping even more money in your Bank account: Along with No more property taxes and No more upkeep costs, you’ll be able to rid yourself of the cost of insurance and utilities also.
Best market value: Not unless you plan to make property improvements or hoping for some big upswing in market value, then the best market value for donating your property is most likely right now, before any more depreciable wear-and-tear occurs.
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(312) 957-4951