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.
What Properties Can I Donate With a Mortgage?
This goes for both commercial and residential real estate.
How Do I Donate My Property With a Mortgage?
We will then review and confirm your application.
Once everything is complete, we will send you a tax receipt.
Visit our general real estate donation tax page for more info.
Is This a Good Idea For Me?
While donating has been a good option for many people, each case is different.
We suggest to fill out the application or give us a call to understand your situation.
Or speak with your accountant/tax advisor about taking the next step.
The mortgage or lien is not a road block if you want to donate and we can get it done provided a mutual agreement.