WELFONT JOE JOHNSON- A CAUSE FOR CELEBRATION

Do you have a reason to celebrate in a big way? Maybe something has gone extremely well in your life and you want to do something big to pay tribute. The method might be right in front of you. Are you the holder of a business property that remains vacant? Have you been trying to sell it for a while now? There is a way to offload that property, benefit others in the process and commemorate your good fortune.
The IRS Section 170 Bargain Sale was created 100 years ago to encourage philanthropy, functioning as a little-known tradition in many philanthropic circles for decades. It has also been a well-used tax strategy – benefiting both giver and receiver. The IRS tax code allows a seller to offer a property to a qualified buyer – a nonprofit – at a greatly reduced price. The seller then receives both a cash payment at closing and a tax deduction for the difference between the sale price and the fair market value. Today, the trend of re-purposing has turned previously unwanted locations into a multitude of great uses including: playgrounds, vocational classrooms or extension campuses, clinics, libraries and even community gardens.

In addition, the advantageous method for appraising a Bargain Sale often produces a greater profit than a traditional sale would anyway. Where a standard bank or real estate appraisal tends to be conservative, the specific method used here is seller- friendly. Another cause for celebration. For help understanding how a bargain sale might be just the thing to celebrate with click these links to connect with Dr. Joe Johnson’s (Welfont Joe Johnson) team at Welfont today.
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