Donation For Land In Phoenix

Q: Is donating worth the tax write off?

Income tax strategies Donations to 501(c)(3) public charities qualify for an itemized deduction from income. Because the tax rate is then applied to a reduced income, this can minimize your overall tax liability.

Category:

Real Estate - Donations

State:

Multi-State

City:

Phoenix

Control #:

US-00207

Format:

Instant download

Description

The Agreement for Donation outlines the terms and conditions under which the Owners will donate approximately five acres of land in Phoenix to the City for the development of an 18-hole golf course. Key features of the form include descriptions of the gift, conditions precedent to the donation, allowed uses for the land, and stipulations regarding construction and maintenance. The Owners retain rights to approve the golf course's design and location and may impose the right of first refusal on future sales of the property. Additionally, there are provisions for a reverter clause, ensuring that the property will revert to the Owners if it ceases to function as a golf course. This form is particularly useful for attorneys, partners, and legal assistants involved in municipal agreements, property transfers, and real estate development. They can utilize this document to ensure compliance with legal standards and protect their clients' interests, while paralegals and associates can simplify the process of drafting and editing with the provided structure. The clear language and organized sections enhance ease of use for all parties involved.

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FAQ

It involves drafting key legal paperwork, having your land appraised, finding an eligible land trust or nonprofit to enforce the easement, and consulting with a CPA to maximize your tax deduction. Fortunately, Giving Property specializes in working with donors to make the process as easy as possible.

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

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.

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.

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.

Income tax strategies—Donations to 501(c)(3) public charities qualify for an itemized deduction from income. Because the tax rate is then applied to a reduced income, this can minimize your overall tax liability.

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.