Donation For Land In Phoenix

Category:

Real Estate - Donations

State:

Multi-State

City:

Phoenix

Control #:

US-00207

Format:

Instant download

Description

This Agreement for Donation of Land to City is an Agreement to donate land to the city with a reverter clause. Tthe Owners have offered to donate the specified land, subject to certain conditions as identified in the Agreement and the City will agree to those terms. The Owners will also have a right of first refusal to match the price and terms of any proposed sale of any of the property donated to the City. This Agreement can be used in any state.

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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.

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1. Consult with an advisor. Our 501c3 nonprofit accepts property donations throughout the entire state of Arizona.Donate a house, land, commercial property and more. Kars4Kids makes it easy to donate land or property to charity. We take care of all the paperwork to ensure that you enjoy a hassle free donation. Here you can find listings of donated property in Arizona. We accept houses, land, buildings, for both residential and commercial donors. Making it easy to donate all kinds of property donations in Arizona, including land, buildings, residential, commercial and investment properties. We will review your land details to approve your donation. Does the property need to be near ASU, or in metro Phoenix?

Donation For Land In Phoenix

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FAQ

How do I donate land to a non profit?

Can a donated property be sold?

Can you get a tax write-off for donating land?

How to value donated land?

How much do you have to donate to get a tax write-off?

How to donate land to a nonprofit?

Is donating worth the tax write off?

How do you record donations in accounting?

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