YOUNGSTOWN, Ohio -- Donations of real estate to the nonprofit Charity Land Exchange Inc. before Jan. 1 are fully deductible for the 2014 tax year, the Youngstown-based organization’s executive director and founder, attorney Joseph Bishara, reminds taxpayers.
The donated property likely will be sold at a future date and a donor’s chosen charity will receive the proceeds, he said.
“Year-end tax planning for individuals and businesses is important. One option is to donate appreciated real estate to a tax-exempt organization, such as Charity Land Exchange,” said Craig Steinhoff, a certified public accountant and director of Charity Land Exchange. “A gift of property greater than $5,000, combined with a qualified appraisal could generate a substantial amount of tax savings.”
Bishara, who founded the organization in 2012, says it’s provided “creative solutions” to property owners and charities when the circumstances required an alternative real estate donation strategy.
“There is no reason that a donor who wants to give real estate to a charity should be turned away. We handle the entire process, from donation to distribution of proceeds to the charities that you choose,” states the nonprofit organization’s website. “Our team consists of tax and construction professionals to facilitate your donation. And we are proud to say that we are all unpaid volunteers, so that we can maximize proceeds to your favorite charities.”
Potential donors should contact Bishara at 330 744 5211 for additional information and an application, or log onto the organization’s website.
Published by The Business Journal, Youngstown, Ohio.
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