Being Charitable Can Have Its Benefits
| | Monday, April 28, 2003 @ 09:13 AM EDT
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Contributed by: Daniel Cobb
Daniel Cobb Properties
Read more archived articles about Tax Strategies
If you have a property that you can't seem to sell or that is pulling in a negative cash flow, you may want to consider donating it to a charitable organization. You will not get any immediate cash out of the property by doing this, however doing this can provide you with a sizable tax deduction when it comes time to do your taxes.
The problem, of course, is finding a charitable organization that will take the property. If the property you own is free and
clear of any liens, it usually isn't too much of a problem to get a charitable organization to take it. However, if you have a mortgage on the property this may not be an option you would want to consider, as it will be much more difficult to find a charitable organization to take it. In any event if you are desperate and/or really losing money on a property this may be an alternative for you. Please, always check with your tax advisor or accountant before doing anything of this nature.
Note: Daniel Cobb has written the EBook Complete Guide To Investing In Real Estate Through Government Scavenger Sales.
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