Donating Real Estate
Standing Tall with a Real Estate Donation has its Rewards and Benefits
Good Deed Reward
Regardless if your real estate is unwanted or hard to sell it does not lessen the good your donation can do in helping support our efforts.
Our real estate professionals will attend to the details and guide you through the process, which takes about 3 to 6 weeks.
By donating to a 501(c)(3) nonprofit organization, you can receive a tax-deduction for the appraised value of your real estate.
Keep from wasting more money on upkeep, utilities, insurance, and property taxes for an unwanted or hard to sell real estate.
Before contacting the United Relief Foundation, we strongly advise that you Ask An Expert who is knowledgeable in the legal aspects and tax benefits of donating your real estate.
1. United Relief Foundation (URF) is an Illinois chartered non-profit
2. URF is a 501 (c)(3) organization
3. URF uses third-party real estate, legal and tax professionals
4. Your real estate will be subject to an evaluation process
5. Your real estate will be assessed for Veteran’s homeownership or being sold to support URF operations and activities
Since the cost of owning, renovating and maintaining real estate requires substantial monetary and human resources that would better serve Veterans in need, United Relief Foundation’s third-party professionals thoroughly review and carefully assess every offer to donate real estate.
Phone888.718.0989 ext. 1
What types of real estate would United Relief Foundation consider?
Single and Multi-Family Residential as well as Commercial, Retail and Vacant Property located within the city limits of Chicago or its neighboring suburbs.
Will United Relief Foundation consider real estate that is in need of repairs or I can’t sell?
Yes. Even if your property is in less than ideal condition or you’re having difficulty selling, it still may be determined to have some value.
Do I need to be present at closing?
No. You, or your attorney, will be mailed all the necessary documents for your signature. In addition, after the deed is transferred to the United Relief Foundation, we will mail you the appropriate IRS form and a receipt of your donation as well as a thank you letter on behalf of United Relief Foundation and the Veterans we serve.
Will I be charged any fees and do I need an appraisal?
You will not have to pay for closing and recording fees. However, in order to receive your tax deduction, you’ll need a current appraisal on the property. According to IRS regulations, United Relief Foundation cannot pay for the appraisal. If you already have an appraisal, you do not need to get another one.
How long does the process take?
If all papers are in order, the title is clear and there are no outstanding issues, the process typically takes between 3-6 weeks.
- your first contact will be with a United Relief Foundation representative to get a better understanding of your real estate, answer any questions you may have and make the formal introduction to a designated real estate professional who will help facilitate our donation process
- United Relief Foundation’s designated real estate professional shall contact you to begin the property review, including inspecting the real estate, title, tax and lien search.
- A report and recommendation will be given to the United Relief Foundation.
- Should your real estate be accepted, United Relief Foundation real estate professionals will handle all the paperwork and technical aspects of the donation, including the deed transfer and closing.
- Shortly after closing, a receipt and IRS form for your deduction will be sent to you.
The Internal Revenue Service has strict rules governing donations of non-cash property to tax-exempt nonprofit organizations. For gifts of property valued at over $250, the organization must provide the donor with a written acknowledgment of the donation that includes information required by the IRS. The organization is required only to acknowledge receipt of the property; it should not use the acknowledgment to establish the property’s value. It is the donor’s responsibility to establish the fair market value — or FMV — of the donated property based on IRS rules and to indicate the value when the deduction is listed on the donor’s tax return. If the organization or the donor fails to follow the rules, the donor can lose the right to deduct the donation, and both parties can face IRS fines and penalties.
United Relief Foundation advise that you speak with a tax professional and visit the IRS website [click here] for additional information.