Michael Schoen is a Licensed Real Estate Professional who understands all aspects of gifting land to charity. Michael works with the donor and the charity to coordinate a smooth, successful property transfer.
Detroit, MI – Michael Schoen’s clients consider gifting land or donating real estate in their search for a tax deduction (many times in hopes they can dispose of something they don’t want the hassle of selling).
Regardless of the property’s overall condition, gifting land can help obtain the most value for you and a charity in need. Mr. Schoen has helped many people gifting land – nearly every type of property, each ranging in value. When seeking a way out of unproductive real estate, or just looking to gifting a generous piece of property, then rely on Donating Real Estate for the successful completion of a charitable gift.
Beware of the Pitfalls
“When a client hears a radio ad soliciting property for a charitable organization and encouraging people to donate real estate,” warns Schoen, the ad may deceive with an exaggeration of the ease and the benefits of making the contribution to their cause.”
“I inform my clients on the basics of gifting land and other assets worth more than $500.”
The first thing clients need to realize is that the IRS requires more information about these donations on the clients’ tax returns, and that gathering this information will require more time on the clients’ part. They must find and work with the charity to get the information needed to properly fill out Form 8283, Noncash Charitable Contributions, which is needed to support the deduction claimed on Schedule A.
Since past abuse of the Fair Market Valuations (FMV) of the gifting land claimed on the IRS tax returns, the IRS created new rules in 2005 for gifting land. A new rule, called the “Gross Proceeds Limit” now requires that the amount of the FMV deduction be determined by the actual price that a charity receives for selling the asset after the donation. The organization must provide to the donor a Form 1098-C, Contributions of Motor Vehicles, Boats and Airplanes, or a similar statement indicating the sale amount received.
When an individual is willing to take all of the necessary steps to satisfy the IRS requirements and fully completes the Form 8283, gifting land can be a tax benefit and help a good cause. Mr. Schoen strongly recommends that first-time donators consult an expert in this area of gifting land to a charitable organization.
Contact Michael Schoen at 248-757-1713 to learn more about gifting land to charity.
Michael Schoen
Central Visions
4380 W. Grand Blanc Rd
Swartz Creek, MI 48473
Call 248-757-1713
Email: [email protected]
http://www.giftingproperty.com/
This press release was submitted by Right Now Marketing Group.
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http://www.giftingproperty.com/
http://www.giftingaproperty.com/2010/01/gifting-property-to-charity-feels-great.html
http://www.gifting-land.com/2010/01/gifting-land-to-charity.html
http://www.gifting-real-estate.com/2010/01/gifting-real-estate-donation-process.html
http://donaterealestate.com/drepresentation.php
