The first step is to ask yourself why you want to forfeit the ownership of your land.
Each reason might have a different approach to how to get this done.
- Bad investment
- Inherited land
- Maintenance fees that are too high
- You can’t build there
- Tax break
- Moving somewhere else
It’s very important to know this for you to receive the maximum benefit.
There are plenty of ways to not have ownership of your land anymore.
Here are some examples:
- Transfer the deed (ownership) to someone else like friends or family
- List your property on eBay for $1
- List your land on social media and classified websites like craigslist as a giveaway
- Donate your land
IN MOST CASES: Why is donating land the best option to let go of ownership?
Donating your land means that you get a tax deduction. Other forms of giving away will help you get rid of your land but will not give you the tax benefits. In short: when you donate your land to a charity, with the right legal status, you will get back 100% of the fair market value of your property back on taxes. So if the land is valued at $20k, you will get back $20k on your taxes. You can carry this amount over for 5 years.