You can donate property and get a tax benefit!

One of Memphis’ biggest challenges is transforming unused, abandoned property in neighborhoods to productive sites for parks, homes, businesses and other community assets. Blighted properties hinder the community because they waste usable space and make the neighborhood seem unattractive to new families and investors. By donating blighted or abandoned property to organizations like United Housing, many of these issues could be resolved as these sites are repurposed!

How to donate property.

Donating property is a fairly simple process – and a lot of information exists online to help you through it! The IRS hosts a ton of information on their website for anyone considering donating property or buying donated property. They also have links to all of the appropriate forms. Donations of property can be made to the state or charitable organizations registered with the state of Tennessee. If you don’t live in the Tennessee, be sure to check with the rules in your state.

To whom should I gift my property?

When choosing your donation recipient, you must consider where your property is located and your preference for its future use. UHI accepts donated land in an effort to provide more affordable housing, better quality of life and increased neighborhood attraction. We can also work with local nonprofit partners to transform your gift into community assets – like parks and businesses.

There are other organizations to consider! If the property is in Shelby County, you can donate it to the Land Bank of Shelby County. Once donated, this organization is responsible for its upkeep, and they then turn that property into something productive for the community as quickly as possible! Another source for donation is the Blight Authority of Memphis. This organization seeks to convert vacant, abandoned, foreclosed or tax delinquent land into productive use. Doing so increases quality of life and property values, and it revitalizes the neighborhood.

Benefits of donating property = big tax benefits!

In addition to the good feeling that comes from making philanthropic gifts, donating land can lead to tax benefits. These benefits will vary by person, property and state, so we encourage you to talk with a licensed tax professional about the potential benefits of your donation.

If you have any questions regarding property donation, or any other housing needs, feel free to contact United Housing at (901) 272-1122 or at info@uhinc.org.