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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2845
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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Recently purchased a house, withdrew funds from retirement,

Customer Question

Recently purchased a house, withdrew funds from retirement, wish to donate house to church, can value of house be claimed on taxes as charitable donation?
Submitted: 5 months ago.
Category: Tax
Expert:  Barbara replied 5 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution.

Your charitable contribution deduction is limited to various percentages of your adjusted gross income. Excess contribution value may be carried forward for up to five years. If the property has been depreciated, the fair market value must be reduced by its accumulated depreciation through the date of contribution.

Fair Market Value is most commonly determined by an independent appraisal.

If you choose to deduct your cost basis of the donated property you are allowed a deduction of fifty percent (50.00%) of your adjusted gross

The following links contain excellent information:

https://www.irs.gov/publications/p526/ar02.html

http://helpinghandsofamerica.org/real_estate_donation_details

http://www.realestatewithcauses.org/tax-benefits-real-estate-donation.htm

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  Barbara replied 5 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please let me know, and I will assist you further.

Best regards,

Barb

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