Land i want to donate

[hopefullyoneday]

I own a piece of property in a retirement community that has a lot of vacant pieces of land for sale. I just cant seem to be able to find a buyer. Some people actually give land away for free. I am thinking about donating the land as my income is going to be high this year. What Places or charities take land as a donation and what would i be able to claim as the value of the land. I have owned it for several years and have paid the taxes and HOA dues on it. Would i be able to claim that as well. Thanks.
Greg

 

[Koolau]

No expert, but relayed elsewhere, my mother passed while owning a "lake lot" on a man-made lake. Unfortunately, the county (or official governing body) had (since she purchased it) deemed it "unbuildable." SO, the land had NO value and yet was still taxed and required "maintenance" fees (theoretically, the lake association was to have mowed it but they just let volunteer trees completely take over the place.) When mom passed, the taxing authority came after me to pay taxes which I would not do. Our lawyer had informed them that no one would inherit the property but they still came after me for over 15 years until I guess they gave up.

Unless the property in question has "value" you will be hard pressed to give it away (I tried to give mom's property to the adjoining property owner - no sale.) IF the property has value, then you should be able to sell it. If you can't sell it at some price, it has no value.

Beyond that, I can't help as I never got so far as giving the land away. Good luck. I hope you have better luck than I did as YMMV.

 

[street]

I just have a comment, no advise. It really is hard for me to believe that you couldn't find someone with advertising that wouldn't buy it for a few bucks. The retirement community, you would think would be interested.

 

[Aerides]

Here's an approach someone else took here recently.
Long, interesting thread, they sold it for a modest price to a firm recommended in post 91, apparently buying unwanted land is their thing.

https://www.early-retirement.org/forums/f27/unwanted-property-108866-5.html

 

[RetireeRobert]

Here's an approach someone else took here recently.
Long, interesting thread, they sold it for a modest price to a firm recommended in post 91, apparently buying unwanted land is their thing.

https://www.early-retirement.org/forums/f27/unwanted-property-108866-5.html

Yes, poster with unwanted land in that thread said they got an offer for close to $3000, and the sale had just closed. That was money and amount they had never expected, so they were very pleased to be free of the land/property taxes, and get some value for it.

 

[street]

Yes, poster with unwanted land in that thread said they got an offer for close to $3000, and the sale had just closed. That was money and amount they had never expected, so they were very pleased to be free of the land/property taxes, and get some value for it.

That was an interesting thread. Everything has a value and a buyer someplace just need to find that right person.

 

[marinauser]

While it may be true that everything has a value, it is not true that there is a buyer for every asset. If the value of the land is less than the yearly carrying costs, there probably is no buyer. While many assets have no annual carrying cost, land has those nasty items like property taxes and sometimes HOA/neighborhood fees.

 

[street]

^ okay.

 

[hopefullyoneday]

I just have a comment, no advise. It really is hard for me to believe that you couldn't find someone with advertising that wouldn't buy it for a few bucks. The retirement community, you would think would be interested.

Like is said people are giving lots away and the community is 85% empty lots.

 

[RetireeRobert]

Like is said people are giving lots away and the community is 85% empty lots.

Try the company in that link referenced earlier in an above post. Another family with "unwanted" and seemingly unsellable land got an offer from that company for close to $3000 and closed the sale just recently. As I recall, in that case, access roads to their parcel were overgrown so their parcel wasn't even accessible by car, only on foot. Look it up. Can't hurt to see if they will make you an offer.

 

[Sunset]

Like is said people are giving lots away and the community is 85% empty lots.

Wow... that community doesn't sound retired, it sounds dead

So where is this place ?
What are the yearly taxes and are there any HO fees ?

If the cost is not too high why not keep it ?

 

[all4j]

I am thinking about donating the land as my income is going to be high this year. What Places or charities take land as a donation and what would i be able to claim as the value of the land. I have owned it for several years and have paid the taxes and HOA dues on it. Would i be able to claim that as well. Thanks.
Greg

As with most things real estate, location likely matters. And also size. A quarter acre lot is just different than 200 acres. Laws can differ at state/county/town level. So, many missing details.

1st, remember you can't deduct the donation unless you itemize. Check out irs regs, but think you'll need a professional appraisal -- especially if over $5k. Of course, don't know what state you file in. I don't see a way you can deduct the hoa & past taxes.

A local charity probably wouldn't take it. You might try local Farm Service Agency (&/or NRCS) office to see if they know of contacts. There may be conservation organizations in your state that would consider depending on specifics.

Anyone who owns land -- especially without buildings -- has likely gotten unsolicited offers. They look at public land records & send out mass mailing. But of course they don't look in areas such as yours usually. A high offer from them might be $0.30 on the dollar, but you at least could take a cap loss. A web search might turn up a few.

Good luck

 

[street]

Years ago there was an old subdivision that had some issues with soil stability etc.. There was a plotted 20 home subdivision right across the road from that problem subdivision. There were no homes built on it and no one wanted to buy a lot or build there because of the problem across the road.

The acreage set empty for many years had high taxes and just wasn't going to sell. I looked at purchasing the property and putting irrigation in and using it as farm land. I was very close to buying it. There was one small pivotal point in title search that my attorney didn't like and recommended not to buy. I didn't think it was anything to be worried about but took his advise.
A few years later a guy bought it and made a mint on that land. It was a bad decision by me not to buy it. I know the guy well and he knew I was close to buying it. He told me what he made and it was huge which I already knew. Enough money was made on that land to retire for life from the sale.

I will add, when I was going too buy that land I was not worth anything to speak of. I really never knew what NW I had at any given time while I was working. it was never something I gauged or gave any thought too. I never had the money to just go buy it but I know I could of got financing to do so.

 

[Music Lover]

While it may be true that everything has a value, it is not true that there is a buyer for every asset. If the value of the land is less than the yearly carrying costs, there probably is no buyer. While many assets have no annual carrying cost, land has those nasty items like property taxes and sometimes HOA/neighborhood fees.

And suppose there is a neighbor next door...there's no incentive for them to buy the land if they know it will sit empty. They get the benefit of having no one next door while someone else pays the taxes and fees.

 

[street]

And suppose there is a neighbor next door...there's no incentive for them to buy the land if they know it will sit empty. They get the benefit of having no one next door while someone else pays the taxes and fees.

Excellent observation!! Thinking outside the box has made millions for people. I like that Music Lover. Lol

 

[Music Lover]

Excellent observation!! Thinking outside the box has made millions for people. I like that Music Lover. Lol

Our lake house has an empty lot next door. We've met the owner...an older lady in her 70's who has hopes that one of her grandkids will eventually build a cabin on it but she says that none of them are interested. In the meantime her daughter and husband who own the cabin across the street and keep the grass mowed and the lot in good shape. So we are enjoying the benefit of a well maintained empty lot next door with no cost to ourselves.

We did ask the owner to contact us if she every decides to sell. At that point we can decide if the purchase price and annual taxes are worth it to have no neighbor and to avoid putting up with construction for a year or so and then not knowing who will live there.

 

[Sunset]

And suppose there is a neighbor next door...there's no incentive for them to buy the land if they know it will sit empty. They get the benefit of having no one next door while someone else pays the taxes and fees.

Maybe the best way to encourage the neighbor to buy it, is to apply to the county to rezone the land for a strip club

In all seriousness, at least put a for sale sign on it, so they wonder who will buy it.