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
- etc…
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.
How it works
- Submit this form or give us a call at 1 855 753 2099 – tell us abit about your property (it takes 2 minutes)
- We will review the details
- If we decide to accept the property, we will send all the closing documents, and usually, within a few weeks, you will get your tax receipt.
