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Updated over 6 years ago on . Most recent reply presented by

User Stats

25
Posts
11
Votes
Wells Mangrum
  • Investor
  • Eau Claire, WI
11
Votes |
25
Posts

Charitable donations of real estate.

Wells Mangrum
  • Investor
  • Eau Claire, WI
Posted

I purchased a gas station in 2018.  Gas stations normally depreciate over 15 years. But I’m using special bonus depreciation to take immediate 100% depreciation for the full cost of the acquisition minus the land cost (tax cuts and jobs act). I now want to donate the fully depreciated asset to charity while keeping the passive loss from the depreciation. 

Can I do that immediately?  Do I have to wait a certain time period before donating?  Do I have to first cancel all of the passive loss with passive income before donating?  

Thank you for your time!

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