New Mexico Farmland Donations Benefit Many People
New Mexico has been hit especially hard by the economic recession, and without the many area charities, many citizens would not be able to survive. A New Mexico property donation can benefit the community by transferring a vacant or underutilized property to an organization that can use the farmland to expand, or access the cash value of the property by leasing or selling it.
To donate farmland, the owner must only transfer the deed to the charitable organization of their choice. This is a great way to release a property that isn’t selling, and to help the community at the same time. Once the charity assumes ownership, they can sell or lease the property to increase their funds, or they can utilize the farmland to increase their services in that area.
You Can Deduct Your Charity Donation from Your Taxes!
The primary benefit from property donation is the ability to write-off the farmland’s value on your taxes. Even if the property has depreciated in value, the full purchase cost can be used to reduce your income tax liability. It’s recommended to discuss the implications of your donation with a tax specialist who can better evaluate the impact your donation will make on your tax return. RealEstateDonation.org has operators on the line who can talk with you right now about property donation!! Contact us at 1.888.888.7187 to learn more!
Why Should You Donate Farmland or Property in New Mexico?
-Get a tax write-off and dispose of farmland that isn’t selling!!
In New Mexico, most properties are selling for less than what they were purchased for several years ago. Why pay realtor fees and insurance on farmland that may never fully recover the initial cost? Donating the property to charity enables you to deduct the full purchase price from your tax liability and avoid paying taxes in a higher tax bracket.
Donating your New Mexico property provides huge benefits to the charity that receives it. The donor benefits by reducing their taxable income and the charity is able to use that property to advance their goals.
Donation makes you feel good for helping the community, and you could relish that feeling on a tropical beach with your free vacation if you donate property. It also lessens the pain at tax time! Contact RealEstateDonation.org today to speak with our specialized agents in property donation! Don’t waste time, call today!