We Accept All Sorts Of Vehicle and Property Donations!
Boats Shipping Containers
Tax Information on Donated Property
The federal tax code allows individuals and businesses to make noncash contributions to qualifying charities and to claim deductions for these contributions on their tax returns. 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.
The American Jobs Creation Act of 2004 created additional reporting requirements for individual taxpayers making noncash charitable contributions. This website provides information for contributors, charitable organizations, and tax professionals who represent them, about federal tax requirements for donated property.
What types of real estate does Lending Hands of Arizona accept?
Virtually any type of real estate can be considered. There are no hard and fast rules. Houses, rentals, commercial buildings, vacant land, and office buildings are a few of the most common.
Are there any properties you will not accept?
Properties with debt or significant other financial liabilities (high association fees, membership fees, or covenants which make defining financial liability unmeasurable) will generally not be accepted. Exceptions can be made if the property is highly saleable or used for our storage of donated materials.
Does the property have to be location in the State of Arizona?
No, Lending Hands of Arizona will accept property any where in the United States.
How quickly can a donation be completed?
Generally, fairly quickly. Of course it depends on the complexity of the situation but our due diligence process can usually be accomplished expeditiously. Our goal is 10 business days.
Should I sell my property and donate the proceeds if I want a charity to end up with them?
Often there are significant tax advantages to you the donor to donate the real estate itself. In that case, you save taxes and Lending Hands of Arizona actually ends up with more proceeds than if you had sold the real estate and then donated the proceeds.
Our due diligence on your donation!
is accomplished primarily by phone or email () with you. On occasion, if an actual site inspection is required, we can normally accomplish that within the ten-business-day time frame depending on your location. The required IRS Form 8283 would be mailed/emailed to you at the end of the ten days and/or when the actual deed transfer occurs.
What amount can I take for a charitable deduction?
You should always consult with your tax advisor but generally you can take the fair market value of the property. If the fair market value is $5,000 or more, IRS says you will need a qualified appraisal. We can help you qualify the donation amount if involved early enough in the process.
What are my tax advantages if I donate the asset?
Lending Hands of Arizona is not an accounting firm, and we cannot and will not give tax advice.
How long does it take to renovate or sell a donated property?
Your donation of property to Lending Hands of Arizona releases you from concerns about renovating and/or selling your property. If the property takes weeks or months to prepare and sell, this is the responsibility of Lending Hands of Arizona. We always value your assistance in providing a ready-for-sale property gift, however this is not a requirement.
How are the funds from the sale of the property utilized?
Lending Hands of Arizona will use the proceeds from a property sale to provide direct donation services or household rehabilitation services to any one of the applicants that our organization provides services too and these applicants include (veterans from any era, elderly, disabled, disadvantaged, police, search and rescue, low income/poverty level applicants).
What are the administrative overhead expenses that go to Lending Hands of Arizona?
Administrative expenses vary as the amount of time and effort to qualify, acquire, renovate, improve, market, and liquidate a property vary according to location, value, your counsel (if interested), potential buyers, etc. Lending Hands of Arizona's administrative expense goal is to keep administrative spending at less than 14%. Making significant funds available for Lending Hands of Arizona is a high value for us. Keeping overhead at 14% or less would mean 86% of every donated dollar will help to improve life of our applicants somewhere in the State of Arizona