If you have a residential or commercial property which you acquired through among the 3 methods of buying Tax Overdue residential or commercial properties I am training, then you possibly have only paid 5-10% of truth market price of that property.
Now it is time to realize the profits on that residential property and also one covert means typically overlooked it to Give away the property to a qualified Charity. I am not an Attorney or a Certified Public Accountant, so this is Not meant as outright recommend however just as something that can spark your interests however requires monitoring and verification with a Certified Public Accountant and/or Attorney.
If you are able to purchase a residential or commercial property for a couple of hundred dollars that is assessed for a few thousand dollars you could be able to donate this property to a charity as well as you might obtain a tax obligation reduction based on real Market value of the residential property as well as NOT based on the quantity you spent for the building, hence bringing you a great earnings at tax time.
NOTE: In the tax obligation law there are different methods to contribute. Once more I am not an attorney however it is my understanding that you TIN cross out the complete MARKET PRICE of your taxes IF you donate the tract not just to any kind of charity yet to a charity which operates a great deal with Real Estate. Similar to you see in the paper posts regarding “donate your vehicle”… these are charities which concentrate on that, and also thus if you find a charity (non for profit) in your location which for instance specializes in “LAND protection and nature conservation” you could be able to compose of 100% of your land worth. If instead you simply give away to your local “save a Hamster” charity, which has absolutely nothing to do with Real estate and Land, you will just have the ability to cross out the amount YOU PAID for the land. As constantly laws frequently alter so please make certain you examine this with your lawyer of choice so you do the appropriate thing.