Save money on your taxes by donating to our nonprofit organization. The process is free and easy. Simply tell us about your property.
Most types of real estate across the United States are accepted. For more information, choose the type of property you would like to donate below:
A Real Estate Donation, whether vacant land, industrial, residential, or commercial property allows you to enjoy an impressive tax deduction.
The amount of your deduction will depend on whether the real estate is a short-term asset or a long-term asset.
Public charities, like DonateMyHouse, provide an excellent real estate donation outlet, as we understand how to evaluate, process, and liquidate various types of real estate.
If your property is owned in your own name, with your spouse or others, and you held the property for over one year, it can be classified as ‘long-term capital gain’ property.
This means that you can deduct the full fair market value of the donated property.
Fair Market Value is most commonly determined by an independent appraisal.
If you choose to deduct your cost basis of the donated property you are allowed a deduction of fifty percent (50.00%) of your adjusted gross income.
Each method is dependent upon the cost basis of the property donated, the donor’s tax bracket, age, and health, and whether you plan to make future contributions.
If you hold a controlling interest in the corporation and the donated property has been held for more than one year, the corporation may deduct up to ten percent of the net profit of the corporation.
In this case, fair market value must be reduced by the amount of accumulated depreciation.
If the corporate donor has elected “Sub. S” status, then the contribution will be reported on the individual shareholders K1 and may be deducted on the individual return.
Generally speaking, deduction amounts are determined in the following manners:
The deduction is equal to the lesser of the property’s fair market value or its cost basis.
Long-term appreciated assets
The deduction is equal to the fair market value of the property, though limited to 30 percent of the donor’s adjusted gross income.
When you sell your property or real estate asset at a profit, you are required to pay capital gains tax.
By donating your property to a non-profit organization, you alleviate the pain point of having to pay the taxes, actually receive a tax benefit instead, and avoid the stress of having to deal with a host of financial professionals and tax bureaucracy.
Our donation process is cost-free and we handle all the necessary mailing and paperwork so all you have to do to get rid of your property is to sign and wait for your tax deduction.
And once the property closes, we assume all taxes and associated maintenance fees, meaning you can continue on without any worries.
We ensure that when you donate with us, that your process is easy and streamlined to maximize donation efficiency.
In all, you can expect the process to last 3-6 weeks from the moment you contact us, until we accept your property, and the documents are finalized.
Your donation will go towards helping kids succeed in school, life & beyond.
Donating your property is truly a charitable act and, with us, your donation goes to help support child development through education, mentorship, and other types of programming.
Help our future generation today!
Donors with highly appreciated property should use CRTs to accomplish their goals and ensure future income.
Other than receiving an immediate tax reduction upon donating real estate to a CRT, this trust is tax-exempt and the proceeds from the liquidated property can be fully reinvested into it.
Distributions from the CRT to its beneficiaries are determined annually based on a fixed percentage of the value of the CRT’s assets.
At the end of the CRT’s life, the remaining assets are distributed to designated charitable organizations.
The donor sells real estate to a charity for less than the property’s fair market value.
As the donor, you are taxed on your gain and may claim a tax deduction equal to the difference between the property’s fair market value and its selling price.
Many people ask if they can donate real estate with a mortgage or lien on it. The answer is yes. The donation process is the same but the way to do it is a little different. Your contribution would be considered a bargain sale. The final tax deduction would be of the same value you would have gotten, minus the amount we paid to cover the mortgage.
Contact us if:
DonateMyHouse helps fund year-round youth development and educational programs while providing donors with an efficient, streamlined and easy experience.
Visit our about us page to learn more.
Choose a category below to see real estate donated to us: