Land Donation For Taxes In Michigan
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Charitable contributions or donations can help taxpayers to lower their taxable income via a tax deduction. To claim a tax-deductible donation, you must itemize on your taxes. The amount of charitable donations you can deduct may range from 20% to 60% of your AGI.
If you give property to a qualified organization, you can generally deduct the fair market value (FMV) of the property at the time of the contribution.
Taxpayers may be able to claim a charitable deduction for donating real property, or certain interests in real property that restrict how land or buildings can be used.
Michigan Property Donation – The Process Contact Real Estate with Causes; either choose your property type and complete the online donation form or call (888)-228-7320 and a professional volunteer representative will help you donate.
Contact land trusts and government agencies that work to assist landowners in your community who are interested in conservation. Get to know their policies and services, and discuss what you'd like to accomplish on your land and what rights you'd like to keep.
This deduction is not added back to reach Michigan taxable income. For tax year 2021 a $300 (single) or $600 (joint) charitable contribution deduction is not deducted to arrive at adjusted gross income (AGI), but is instead deducted to arrive at federal taxable income.
Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year.
Proof can be provided in the form of an official receipt or invoice from the receiving qualified charitable organization, but it can also be provided via credit card statements or other financial records detailing the donation.
Michigan Property Donation – The Process Contact Real Estate with Causes; either choose your property type and complete the online donation form or call (888)-228-7320 and a professional volunteer representative will help you donate.
