Monday, December 5, 2016
A person can donate land for a charity to build on, or for the charity to sell and create revenue. Providing tax-exempt organization with a sale-able asset and staying within the Internal Revenue Service's rules and limitations, then donating can be a good alternative if you can’t sell the parcel, or an investor is just looking for the deduction The donation has to be to a real IRS charity. One that has filed the proper forms and is in good standing. Also your deduction can capped at either 50 or 30 percent of your adjusted gross income per year. If you’re over the cap then the deduction may flow over to the following year. If your income exceeds $250-$300k then itemized deductions can be reduced 80%. If may also depend if you file married or single. The issue with donating land and real estate is that the charity will then own it and have to pay state property taxes. If the land is not widely sought after then it may be difficult even for the charity to sell it and fund there goals. Other charities are real estate specific. Housing, conservation and environmental organizations are the big three. They may wish to conserve the land for endangered species, or they will later use it and never to develop land. Firms often buy land to donate to environmental groups in exchange for developing another area. A seller who wishes to donate land will still likely have to go through escrow, since the charity will wish to have clear title on the parcel without debts, and encumbrances. If there is a mortgage then that will need to be paid off and a re-conveyance filed and recorded. After you have picked the charity and made the donation then you or your accountant will need to mark it on Schedule A of at 1040 tax return. There is a form 8283, which is where the IRS has you detail your non-cash contributions. This option is a great way to get the deduction on land that you invested in some time ago, but are not reaping any rewards.
Courtesy: Jim Skeen AVPress Nov 10 2016 LANCASTER - A plan to turn the area around Antelope Valley Hospital into a "Medical Main Street" will help keep talent from leaving the region and will spur economic development, city officials said Wednesday. The city wants to create a medical and healthy lifestyle hub on roughly 360 acres around the hospital. The area includes about 100 vacant acres, of which roughly 40% are owned by the hospital, which is partnering with the city on the effort. During a presentation before the Lancaster Chamber of Commerce, Councilman Raj Mahli talked about how area students leave the valley to attend college and do not return. As an example, Mahli said two of his high school friends left the valley and became doctors and never returned. Medical Main Street will create a desirable area that will give students a reason to return after college, he said. "My high school buddies aren't coming here," Mahli said. "What I really hope is when my son and his friends graduate from high school and go away that they will come back and work in this community." The area the city is looking at stretches from 20th Street West to east of 12th Street West at Avenue J, and from north of Avenue J to the shopping center on 15th Street West north of Avenue K that contains offices of High Desert Medical Group. "Today the hospital is very isolated," said Chenin Dow, a management analyst with the city. "We would like to bring dining opportunities, shopping opportunities and also housing opportunities for the doctors and nurses." The city has approximately $13 million in grant funding secured for the initial improvements to the area. Sargent Town Planning, a Los Angeles-based firm that specializes in urban planning and designs that emphasize pedestrian- and transit-oriented neighborhoods, has been hired to prepare a master plan and environmental impact report for the project. The planning work is about 40% complete and will take about a year to 18 months to finish, said Vern Lawson Jr., Lancaster's economic development director. Sargent will also prepare an economic analysis for the project. The hospital already employs about 2,500 workers, Lawson said. "I would expect to double that," Lawson said. "We certainly have room to grow. We've always been the center of medical in the Antelope Valley and we want to make sure we continue that and that we shift with the times. I think this plan does that."