Welfont Joe Johnson - Time to think about Tax Strategies

Welfont Joe Johnson

The IRS Section 170 Bargain Sale may be your best tax strategy for the coming year and even reduce your overhead unexpectedly.

Tax season is not far off and it’s time to consider a unique, but reliable tax strategy that has helped thousands meet a tax burden head on without using the cash they may have anticipated spending to pay the bill.

If you have a piece of commercial property or even vacant land that has become a white elephant for you or your organization, a 170 Bargain Sale could be the answer.

The costs of holding onto a vacant property until the market changes can drain an owner’s assets as well as their time and energy. Relief may be on the way with this tax law, created in 1917 to encourage philanthropy.

Here’s a simple breakdown of a 170 Bargain Sale:
 You, as the Seller, offer one or more of your vacant commercial buildings or land to a charity or non-profit organization at a greatly reduced price.
 Your chosen charity accepts your offer and at closing you receive cash in the sale amount.
 You also receive a tax deduction for your charitable contribution - the difference between the Fair Market Value of your property and the sale price.

In addition to relieving a tax burden, the net profit from a IRS Section 170 Bargain Sale is usually higher than that received from a traditional sale. If there is a commercial property in your profile that has been lingering, vacant and at least momentarily unsaleable through a traditional sale, consider contacting Joe Johnson’s team (Welfont Joe Johnson) at Welfont today.

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