Maximize Impact: Donating Real Estate Before the New Year
As the year winds down, it’s an ideal time to consider impactful ways to give back. Donating real estate before the new year is a powerful means of supporting charitable causes while also benefiting from significant tax advantages. Here’s why and how to make this meaningful contribution:
1. Tax Benefits: Donating real estate can offer substantial tax deductions. You can deduct the fair market value of the property from your taxable income, potentially lowering your tax bill. This is especially beneficial if the property has appreciated over time.
2. Support Charitable Causes: Real estate donations can provide essential resources to charities, enabling them to expand their services, build new facilities, or support their operational needs. Whether it’s a nonprofit, educational institution, or religious organization, your donation can make a lasting difference.
Donating real estate is a generous act that can help charitable organizations transform lives. As the new year approaches, and even after, consider this impactful way to give back and make a difference. Not only will you gain financial benefits, but you’ll also experience the joy of contributing to a cause you care about.
More than a Tax-Deduction Added Benefits¹ to donating real estate before the New Year!
Freedom from the expense, tasks, and stress of 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 upkeep costs, you’ll also be able to rid yourself of the cost of insurance and utilities.
Best market value: Not unless you plan to make property improvements or hope for a big upswing in market value. 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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