Gifting a Property Today Requires the Expertise of a Tax Attorney and a Real Estate Professional

(EMAILWIRE.COM, February 15, 2011 ) Detroit, MI - Regardless of the overall condition of your property, Donating Real Estate can help you obtain the most value for you and a charity in need by way of gifting a property.

You will need to consult a Washington attorney to discuss possible state sales, income, property and/or other tax ramifications. From a federal tax perspective, you may give gifts to family members of up to $12,000 each, per year, without being subject to the gift tax. There are also a number of various trust structures that could be established that may minimize your exposure to federal income tax.

However, the use of trusts is an extremely complex issue with many fine details that must be taken into account. Your best solution is to speak one-on-one with a tax attorney so he can ask the specific types of questions that would be necessary to create the proper structure.

Furthermore, if you make a gift of more than $12,000 per year to an individual, you will need to file a gift tax return with the IRS (and possibly with your state tax authorities as well). If the recipient of the gift is married, you can double this amount by making a $12,000 gift to "him" and another $12,000 gift to "her".

And, if you are married, your spouse can also make a $12,000 gift to "him" and a $12,000 gift to "her" - so you could, in effect, give a total of $48,000 to "him and her". If you are the sole owner of the property, then you would need to file a gift tax return and elect "gift splitting". That is somewhat complicated and you definitely need to consult with a knowledgeable tax professional before you do it.

Contact Michael at 248-757-1713 to learn more about donating real estate to charity.

Michael Schoen
Central Visions
4380 W. Grand Blanc Rd
Swartz Creek, MI 48473
Call 248-757-1713
Email: donaterealestate@gmail.com
http://www.giftingproperty.com/

This press release was submitted by Right Now Marketing Group.

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Donate Real Estate
Michael Schoen
248-757-1713
info@donatingrealestate.com