WELFONT JOE JOHNSON – THE BENEFITS OF BARGAIN SALE GIVING

There is a very good reason that the IRS Section 170 Bargain Sale has been around since 1917, reaching far beyond its use as a tax strategy. Many people have given back to their communities while employing this savvy tax move.
The seller/giver gets a charitable contribution tax deduction and often a chance to fulfill a lifetime dream of making a significant contribution to a cause about which they care deeply.
You may be able to realize this kind of accomplishment yourself by “selling” an empty or unused property, at a reduced price, to an organization you’d like to help. Here’s how you can do it:
 Your empty lot might become a park or a community garden. Could your closed hotel house homeless veterans? Perhaps, a vacant warehouse you own might become a campus extension for your alma mater.
If a property has become a burden to you, it could still be the answer to your wish to do something selfless – with the current trend towards repurposing properties. A charity might happily receive your gift and either make use of it themselves or resell it.
If you’re thinking you can’t afford to just give away your property, you’ll be glad to
know how the IRS Section 170 Bargain Sale works:
 You offer to sell your property at a greatly reduced rate to the charity.
 If they accept your offer, you receive the cash amount at closing and a charitable contribution tax deduction for the difference between the sale price and the fair market value of your property.
The basics of the transaction are simple but to better understand how you can give through a Bargain Sale, touch base at Welfont, where Dr. Joe Johnson (Welfont Joe Johnson) has assembled a team of specialists in the subject.
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