Donate Land For Tax Write Off In Philadelphia

Category:

Real Estate - Donations

State:

Multi-State

County:

Philadelphia

Control #:

US-00207

Format:

Instant download

Description

The Agreement for Donation is a legal document allowing landowners in Philadelphia to donate property to the City for specific use, particularly as a premium quality 18-hole golf course. This form is essential for individuals looking to donate land for tax write off purposes, as it outlines conditions that must be met before the donation is finalized, thus ensuring that the donation can be recognized for tax benefits. Key features include the description of the gift, conditions precedent for donation, allowed uses of the donated property, stipulations on the construction of the golf course, and the right of first refusal for the owners. Users must fill out specific information, including details about the land and the agreed conditions. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form immensely useful in advising clients on the legal implications of land donations. This agreement also assists with navigating the complex requirements for tax deductions associated with charitable donations of real estate. Clear instructions for filling out the form ensure that users can comply with municipal rules while maximizing their potential tax write offs.

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FAQ

Real Estate Donation A landowner may be interested in gifting a property to a charity or land trust. When a charity or land trusts accepts a real estate donation, the landowner can deduct the fair market value of the land from his or her federal taxes.

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.

A popular fundraising program is the sale of donated property. Charities may also use donated property in their tax-exempt programs.

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.

Determining the value of donated property de- pends upon many factors. You should consider all the facts and circumstances connected with the property, including any recent transactions, in determining value. Value may also be based on desirability, use, condition, scarcity, and mar- ket demand for that property.

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.

The accepted way to record in-kind donations is to set up a separate revenue account but the expense side of the transaction should be recorded in its functional expense account. For example, revenue would be recorded as Gifts In-Kind – Services, and the expense would be recorded as Professional Services.