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If I donate my home to my 501c3 nonprofit organization, will…

If I donate my...

If I donate my home to my 501c3 nonprofit organization, will I be in any violation of IRS tax laws.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

So I saw that an individual or business could donate real estate to a charitable organization with 501c3 status and get full market value of the home as a tax deductible write off. I am a board member of the 501c3 I would consider donating my home to. I want to know would this be legal or not.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I can't think of anything else.

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Answered in 4 hours by:
11/10/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Donating your home to your nonprofit could very well be a conflict of interest in that it is a transaction or arrangement that would benefit the private interest of you, as a director.

The IRS may also view it as an act of self-dealing.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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