Donating Land To Charity Tax Deduction

Not every eligible charity wants land.

Donating land to charity tax deduction.

For some charities land is a burden since if they don t have a use for it they may need to pay to own it and to sell it. Gifts of donated property clothing and other noncash items have long been an important source of revenue for many charitable organizations and a popular deduction for taxpayers. Donations to qualified charities are tax deductible expenses that can reduce your taxable income and lower your tax bill. This article generally explains the rules covering income tax deductions for charitable contributions by individuals.

If the land is worth less than 500 000 an appraiser s signature on the form 8283 is sufficient. This form is included when you submit your tax return to the irs. You can find a more comprehensive discussion of these rules in publication 526 pdf charitable contributions and publication 561 pdf determining the value of donated property. But if it s worth over half a million the full appraisal must be submitted.

Donate land and save on taxes. Complete section b of form 8283 to document your land donation for tax purposes.