Valueing a lease donation to non profit

Discussion in 'Tax' started by aristotle, Jul 29, 2004.

  1. aristotle

    aristotle Guest

    I leased a building for 99 years to a non profit
    organization. If I decide to donate the property to this
    non profit organization how can I obtain the highest tax
    deductible value for my donation. In other words how can I
    obtain a certified value on the gift. Any suggested reading
    material, case studies or other reliable sources of
    information.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    aristotle, Jul 29, 2004
    #1
    1. Advertisements

  2. aristotle

    D. Stussy Guest

    aristotle wrote:

    > I leased a building for 99 years to a non profit
    > organization. If I decide to donate the property to this
    > non profit organization how can I obtain the highest tax
    > deductible value for my donation. In other words how can I
    > obtain a certified value on the gift. Any suggested reading
    > material, case studies or other reliable sources of
    > information.


    If you're donating the actual property, you're not donating
    a lease.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    D. Stussy, Aug 5, 2004
    #2
    1. Advertisements

  3. aristotle

    Gary Goodman Guest

    says...

    > I leased a building for 99 years to a non profit
    > organization. If I decide to donate the property to this
    > non profit organization how can I obtain the highest tax
    > deductible value for my donation. In other words how can I
    > obtain a certified value on the gift. Any suggested reading
    > material, case studies or other reliable sources of
    > information.


    You will have to use an appraiser. The appraiser will have
    to sign on page two of Form 8283. You can see the form and
    instructions here:

    Form:
    http://www.irs.gov/pub/irs-fill/f8283.pdf

    Instructions:
    http://www.irs.gov/pub/irs-pdf/i8283.pdf

    For more information about charitable contributions, see Publication 561
    http://www.irs.gov/pub/irs-pdf/p561.pdf

    Be careful. This is something you don't want to mess up. I
    suggest that you get your tax advisor in on this early (i.e.
    before you actually make the donation).

    Gary

    --
    You can probably X figure out X which letters to X delete to
    derive my email address X.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Gary Goodman, Aug 5, 2004
    #3
  4. aristotle

    BRaskinCPA Guest

    > I leased a building for 99 years to a non profit
    > organization. If I decide to donate the property to this
    > non profit organization how can I obtain the highest tax
    > deductible value for my donation. In other words how can I
    > obtain a certified value on the gift. Any suggested reading
    > material, case studies or other reliable sources of
    > information.


    It is very simple. If the organization is a 501(c)(3)
    charity that can accept donations all you need to do is
    obtain an appraisal of the property and make the gift. Of
    course, the non-profit would want to own the property.

    All of the costs associated with the gift would be
    deductible by you if paid by you.

    Hope that helps.
    Bruce Raskin, CPA
    Small Business and Individual Tax and Accounting Services

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    BRaskinCPA, Aug 5, 2004
    #4
    1. Advertisements

Want to reply to this thread or ask your own question?

It takes just 2 minutes to sign up (and it's free!). Just click the sign up button to choose a username and then you can ask your own questions on the forum.
Similar Threads
  1. John McDonagh

    Non-profit auditing; diff 'tween for profit orgs

    John McDonagh, May 16, 2004, in forum: Accounting
    Replies:
    3
    Views:
    497
    Stephen Lewis
    May 30, 2004
  2. Chuck W.

    Can Church make a "profit" on property lease?

    Chuck W., May 31, 2005, in forum: Accounting Software
    Replies:
    4
    Views:
    3,863
    Bluepen
    Jun 2, 2005
  3. Ned S
    Replies:
    1
    Views:
    558
    Richard Bollar, MVP
    Sep 5, 2003
  4. liveandlearn_again

    USA Lease purchase (lease with option to buy)

    liveandlearn_again, Apr 5, 2013, in forum: Individuals
    Replies:
    1
    Views:
    1,306
    accounting nerd
    Jun 5, 2013
  5. rexreid1111

    Non- Profit Lease tax Deduction

    rexreid1111, Aug 13, 2013, in forum: Businesses / Corporations
    Replies:
    1
    Views:
    267
    kirby
    Aug 14, 2013
Loading...

Share This Page