Multi home property donation to Charity
Steve from New York had purchased a few, multi-family homes in Connecticut as an investment. He had several tenants in these homes, but some of them were unreliable, which was a hassle Steve just didn’t need. At a certain point, he realized he no longer wanted to manage the property, especially since he was relocating to Florida.
So it was that Steve attempted to sell the property. But the offers that were coming in, just weren’t what he’d hoped. That’s when Steve decided to do some online research and came across the Kars4Kids Real Estate donation program.
Steve consulted his accountant, who advised him that he would benefit more from donation than from selling the properties. After considering his options, and meeting with our team, it was settled: there would be a bargain sale arrangement for two of the properties in which Steve would receive a portion of the appraised value as the sale price; and take a tax deduction on the remainder.
Steve was pleased with this experience and with the outcome of his property dilemma. He was so pleased, in fact, that he later contacted Kars4Kids Real Estate again. He wanted to donate another property!