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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am an out of town owner of a two family home in Buffalo NY.

Resolved Question:

I am an out of town owner of a two family home in Buffalo NY. I am trying to sell this home because i am 70 years old and do not want to manage this any longer. The neighborhood has deteriorated very badly over the last ten years and the property values have also. The home also has been vacant for about ten months and I am getting behind on taxes( about 5000 $)
I have been trying to get rid of the property to people that buy this kind of property with no luck . In the mean time Taxes Keep acumulating. One option I may have to face is to just walk away and stop paying any more taxes.

My question is What are the legal ramification of doing this?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello salcal,

Do you still have an outstanding loan on this property?

Customer: replied 5 years ago.
No outstanding loan
Expert:  Merlo replied 5 years ago.
Hello again salcal,

Since you have no outstanding loan on the property, then your simplest choice here might be to simply donate the property to a qualified charity.

You cannot simply "walk away" from the property and the tax bill that comes with it. You must actually transfer legal title to someone who will be responsbile for the maintenance and property taxes.

There are many organizations which may be interested in receiving this type of donation. One organization in particular is called "Real Estate With Causes". They will accept property donations from anywhere in the country. Here is a link to their website.

http://www.realestatewithcauses.org/donate-real-estate.htm

By donating your property and transferring legal title, you will no longer be obligated for the taxes on this property. And at the same time this would allow you to claim a tax deduction for your charitable contribution, so you would at least be getting some monetary benefit from the disposal of this building.

If this was helpful please press the Accept button. Positive feedback is also apprecited.

Thank you sal.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 9 other Tax Specialists are ready to help you

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