How do I benefit from donating a house or property?
In addition to freeing you from the costs and responsibilities of ownership, making an outright gift of property that you’ve owned for more than a year offers these benefits:
- You obtain an income tax charitable deduction equal to the property’s full fair market value. This deduction reduces the cost of making your gift and frees cash that otherwise would have been used to pay taxes.*
- You eliminate capital gains tax on the property’s appreciation.*
- The transfer isn’t subject to the gift tax, and the gift reduces your future taxable estate.*
Need help? To discuss a potential home or property donation with a Habitat Detroit team member, email [email protected].
Minimum Property Qualifications
POTENTIAL PROPERTY AND REAL ESTATE DONATIONS MUST MEET THE FOLLOWING MINIMUM CRITERIA:
- All back taxes are paid.
- No past due utility bills.
- Property is owned free and clear with no mortgage liens.
- House must be in a habitable condition.
*The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult your tax professional or an attorney.