Posted by Paul on March 17, 1999 at 07:35:01:
I’m the president of a non-profit social club, and our organization is looking for a larger building to conduct our meetings and social events (we currently rent). There is a building in town that would be perfect for our needs that has been on the market for quite a while. I was thinking about approaching the owner to see if he would be willing to donate the property to our organization - he in turn would be able to right off the donation on his taxes. He also owns a large tract of land that he’s trying to sell ($1 million). If he sells the land at some point down the road, could he utilize the tax right off on the donated property at that point in time? I’m trying to look at a way we can get this property with little or no cash, and at the same time give him an incentive. Any accountants out there? All help would be appreciated. Thanks. - Paul