Giving a house as charitable donation?

Question

What if any are the tax benefits if giving a house to an individual who is in need? Are there any credits or deductions I can take as a real estate agent in NC?

I asking on behalf of a family member who is a real estate agent...so what are the benefits of donating to a charity instead of a person?

Answer 1

You can't get a donation by giving a house to someone in need. You could give it to a bonified charity and get a very nice tax deduction. But unless the individual is set up as a charity ( very unlikely ) then you will receive no deduction. Also pass through charities would be illegal. Say you give the house to your church with instructions to give it to the person you have in mind. This would be a controlled pass through and not allowed as a tax deduction if discovered and the church or charity could lose their tax exempt status.

Good Luck.

Answer 2

You would need to make a contribution to a non-profit organization in order to receive any kind of benefit. A non-profit such as http://www.realestatedonation.org/ will allow you to choose the recipient of the donation, though it will affect your deduction amount.
A deduction with no restrictions will earn the donor a value equal to an appraised value.

Answer 3

To an individual? There are no tax benefits if you give something to an individual. There is only a tax deduction for contributions to an approved charitable organization. Even then, if you tried to run the donation through them but specified it would go to a particular person or family, no deduction would be allowed.

Answer 4

Sorry, but there are no deductions for that. Only donations to registered charities are deductible. Even then, charitable donations are limited to 50% of your AGI so many real estate donations may not be fully deductible in the year of the donation.

Answer 5

No benefit for giving it to an individual person. You have to give it to a recognized charity to get any charitable contribution.