Tag: donating

What It’s Like to Donate a Property

On January 6, 2025

Donating a property might seem like a big, complex step, but it’s an enriching experience for many. It’s a way to give back to the community while potentially receiving significant tax benefits. Let’s break down what it’s really like.

Why Donate a Property?

There are many reasons people choose to donate property. Some have inherited a property they don’t need or want to manage. Others might own vacation homes they use infrequently. And then some simply want to make a difference.

Donating property can offer substantial tax benefits. Depending on the type of property and the charity, you might qualify for a tax deduction. However, consulting with a tax professional is crucial to understand your situation’s implications fully.

The Donation Process

The process of donating a property involves several steps. First, you’ll need to decide which charity aligns with your values. Some organizations specialize in turning donated properties into affordable housing, while others might use them for their operations.

Once you’ve chosen a charity, you’ll work with them to assess the property’s value. This valuation will be used to determine the tax deduction you can claim. The charity will then guide you through the legal process of transferring ownership.

Emotional Considerations

Donating a property can be emotionally complex. It’s often tied to memories, family history, or dreams of future use. It’s essential to be honest with yourself about your reasons for donating. Are you ready to let go of the property completely? Understanding your motivations will help you navigate the process with clarity.

The Impact

Seeing the positive impact of your donation can be incredibly fulfilling. Whether providing housing for families in need, supporting educational programs, or advancing medical research, knowing that your property has made a difference can be a powerful motivator.

While practical considerations are involved in donating a property, the emotional and social rewards can be immense. It’s a decision that requires careful thought but can also be a source of great satisfaction.

Tips for Potential Donors

Do Your Research: Learn about different charities and their missions.
Seek Professional Advice: Consult with a tax advisor and real estate professional.
Understand the Process: Familiarize yourself with the legal and paperwork requirements.
Consider Your Emotional Attachment: Be honest about your feelings towards the property.
Focus on the Impact: Remember the positive change your donation will create.

Donating a property is a significant decision, but it can be a powerful way to make a lasting impact. By carefully considering your options and seeking guidance, you can make an informed choice that aligns with your values and goals.

The Tax Benefits of Donating to Charity

By Jimmy Lustig

On May 12, 2021

In Philanthropy

Donations can be the best way you can help out charitable organizations. What does it mean for your income, though? Fortunately, you do see some tax benefits from donating.

However, these tax benefits don’t come automatically by just filing your taxes as normal. You’re going to have to put some work in on adjusting your tax forms so that you’re getting the deductions you deserve. Check out these tax benefits you can look forward to once you start donating to charitable organizations.

Basic Deductions

Whenever you donate to a charitable organization, you’ll be eligible to get a percentage of that money deducted from your tax responsibilities. This can depend, though, on what exactly you are donating and who you are donating to. For example, you might be linked to only having 20% of your tax responsibilities taken away by donating to specific organizations like cemetery organizations.

You might also be only eligible to have a percentage of your tax income reimbursed if you’re not donating in cash. On the other hand, some charitable organizations will allow you to get a 100% tax deduction if you are donating with cash. Make sure you fully look up what deductions you can take before donating to a charitable organization.

Volunteering

Believe it or not, but you do get some tax deductions if you’re someone who volunteers for others. This can be work you’ve done for any registered charitable organization. However, you’ll want to make sure that you have all of your expenses recorded with receipts, as you can easily be audited if the IRS hasn’t found legitimate merit for you taking tax deductions for volunteering.

For example, you might end up spending hundreds of miles on the road driving to help a charitable organization with an event. You’re then allowed to take all the gas money you spent and put it towards a 100% tax deduction, given that you keep all of your receipts from the gas station. You can also take any other expenses that you may have had like meals on the road, needed items for events, and much more. Ensure that you fully look into any taxable deductions you can take whenever you’re volunteering for any charitable organization.

How You Can Recycle Your Unused Technology

By Jimmy Lustig

On April 30, 2021

In James Lustig, Jimmy Lustig, Philanthropy

As your technology gets older, you might think about upgrading it. However, constant upgrades mean that you might have a lot of devices just sitting around and taking up space. Instead of trashing your devices, check out these ways that you can recycle them.

Selling

It can be nice to make some extra money here and there. You should think about selling your old devices through an online site or a local pick-up marketplace. To do this, you’ll want to first find out how much your devices go for.

If you want a good estimate, go on a website like eBay and search up the device you’re looking to sell. You should then be able to select a completed order option that will tell you the last price that the device sold for. By doing this, you’ll be able to make a quick buck instead of letting your devices go to waste.

Giving

Sometimes, you might have someone around who would appreciate the device you’re not using. To find someone, go on your social media accounts and make a post asking if anyone wants that device. This way, you can make sure that one of your friends or family members can enjoy your possessions.

If you don’t know someone personally who would want your device, think about donating it to a charity. Many charities are out there to provide electronics to those that can’t necessarily afford them at the moment. By giving your old electronics to someone you know or a stranger, you’re helping out others instead of letting a device go to waste.

Recycling

Depending on the age of the device, you might have something that is about useless for anyone to have. You might think about sticking that device straight into the trash, but your electronics can be worthwhile for recycling companies. The reason for this is the expensive components electronics tend to have.

Whether it be a phone or a gaming console, all these devices typically use different types of metals for functionality. You can bring these devices to a recycling company that can extract these metals to be used for future devices. If you’re looking to help the environment, you can’t go wrong with recycling your electronics.