Charity Land Exchange Matches Donors, Charities
YOUNGSTOWN, Ohio — Are you a business or individual who owns some property you’d like to donate to your favorite charity, but that charity doesn’t have the means or desire to manage that property? Charity Land Exchange offers a solution to this problem that benefits both parties, says its executive director, attorney Joseph Bishara.
The exchange will sell your property to a third party, and then pass the proceeds of that sale on to the charity. In this way, you get the tax benefits of donating real property to a nonprofit organization, while the organization receives much-needed funds without the headache of managing the property.
This represents a great way to support the revitalization of distressed real estate into productive use, said Bishara. “Year-end tax planning for individuals and businesses is important,” he noted. “One option is to donate appreciated real estate to a tax-exempt organization, such as Charity Land Exchange. A gift of property, combined with a qualified appraisal, could generate a substantial amount of tax savings.”
All donations of real estate to the nonprofit corporation before Jan. 1 are fully tax-deductible in tax year 2016. “For 2016 donations, even if the land is sold in 2017 or beyond, the donor still gets credit on his or her 2016 taxes,” Bishara explained.
The tax and construction professionals who are a part of Charity Land Exchange are unpaid volunteers and can maximize proceeds to the charities who receive them. Potential donors should call Bishara at 330 744 5211 for additional information and an application, or visit this website.
Copyright 2022 The Business Journal, Youngstown, Ohio.