Blogs
Gifting Real Estate to a Family Member vs. Charity
When you own real estate, deciding what to do with it when you no longer need it can be challenging. When choosing between giving your property to a family member or a nonprofit, each option carries its own set of financial, emotional, and tax-related implications.
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Understanding the Difference Between Appraisal Value and IRS Tax Form 8283 for Real Estate Donations
If you're considering donating real estate to a nonprofit, it's helpful to understand how your property's value is determined and how to claim tax benefits.* The property's appraisal value and IRS Tax Form 8283 are relevant elements in this process. While they are connected, each serves a different purpose.
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How To Avoid Capital Gains Tax on Real Estate
Imagine deciding to sell your vacation home, rental property, or raw land. You sign a contract with a real estate agent, receive an offer, and just as you’re about to close, you realize you’ll owe a hefty capital gains tax on the proceeds.
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What to Do If You Inherit a House
Inheriting a home can bring a wave of emotions. You’ve recently lost someone that was very close and dear to you. You’re now responsible for one of their most prized assets, and on top of it all, you have a lot of new information to process.
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How to Donate Land to Charity
Before you think about selling your land and pocketing the cash, consider donating it to charity. While donating land to a nonprofit may sound like a noble yet unwise investment, it’s one that, shockingly, can benefit you much more from a tax and financial perspective. Not to mention the priceless experience it brings from giving back to your community and helping those in need.
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Real Estate Donation Tax Deduction Benefits
Donating real estate to charity is a noble cause – and alters your finances and legacy for the better. Instead of facing numerous taxes that come with just selling your property, you can tap into multiple tax deduction benefits through a donation.
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What Are Bequests?
Are you planning your affairs and deciding how your assets will be distributed? If so, you’ll most likely want to incorporate bequests into your plans.
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Transferring Property Ownership to Family
Transferring your ownership in real estate to a family member is an excellent way to cement your legacy. Through the gift of real estate, you are able to uplift relatives in need and give them a head start in life. Furthermore, you gain a sense of fulfillment knowing your life’s work is in the best hands.
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How to Get Rid of Property Costing You Money
Sometimes it happens. You bought a home or apartment building, and suddenly it’s costing you more than it’s worth. Between the mortgage payments, property taxes, utility bills, and unexpected repairs, it’s time to get rid of it. How do you do so? Thankfully, you have a few options, which we’ll share with you in this article.
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Can You Deduct Property Taxes on a Second Home?
Did you recently inherit a second home? Are you wondering how much it will cost to maintain the property? Is there any way you can offset that cost? How will you manage the expenses for both it and your current home?
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Can You Deduct Property Taxes?
When you inherit a home, you’re inheriting not only your loved one’s legacy but also additional financial responsibilities. Between the mortgage, property insurance, utilities, property taxes, repairs, and general yard maintenance, owning a home is an expensive endeavor. Double that and you now have the stress many experience when they own one home and inherit another.
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Can You Deduct a Loss on Rental Property?
Are you experiencing a loss on your rental property? If so, you’re not alone. With the onset of the pandemic, many renters across the country have been unable to pay rent. This in turn has led landlords to incur rental losses into the billions of dollars.
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