- General Questions:
How do I donate real estate?
We have streamlined the real estate donation process to make it as simple for our donors as possible. After providing your information, you will be contacted by a member of our team to get a better understanding of your property. Kars4Kids will do a property review, including a title, tax and lien search and a review for environmental issues. When the donation is accepted, Kars4Kids will handle all the paperwork and technical aspects of the donation, such as deed transfer and closing. The receipt and IRS form for your deduction will be sent out shortly after closing.
What are the benefits of real estate donation for the donor?
Many donors enjoy the freedom from property liabilities, such as maintenance, insurance and capital gains tax. You can also benefit from a federal tax deduction.
- Tax Deduction:
How much can I claim for a tax deduction?
As a general rule, you can claim the fair market value of the donated property. Consult your tax advisor for details.
When can I claim my tax deduction?
You can claim a tax deduction in the year that the property is donated.
How do I establish the fair market value of my property?
The fair market value of your property is determined by the appraisal of a qualified third-party appraiser.
- Types of properties accepted:
What kind of real estate can I donate?
You can donate land
, residential homes
, vacant lots
, commercial buildings, industrial properties, apartment buildings, mobile homes
, and condos. Kars4Kids accepts property donations throughout the United States. This can be beneficial for owners of inheritance or commercial properties far from their place of residence that must be liquidated.
Can I donate my house to charity if it needs repairs?
Yes, you can still donate your house even if it's in less than ideal condition.
Can I donate my property to charity if it is encumbered by a lien?
Every property needs to be evaluated separately, fill out the donation form and we will get back to you.
Do you accept environmentally contaminated property?
It depends. Kars4Kids will review the property and decide if the environmental issue is one that we can resolve.