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Updated about 4 years ago,
Donating property to charity
My mom bought these vacant lot properties in Phrump, NV and Kingman, AZ 15-20 years ago thinking that they would appreciate in value. At the time of purchase, it seemed that they was promise of the place doing well and becoming a retirement community outside of Las Vegas but that didn’t happen and the properties have gone down in value and worth less than 10-20 percent of what she purchased them for. My question is whether donating them to our favorite nonprofit organization would be a good option? Has anyone done this before. I looked into putting them on the market for sale but no one is buying vacant land there, we’d get a lowballed big time if anyone was remotely interested, then get taxed on the sale. We understand that it’s a big loss but we are looking to the best strategy to beat the situation and restructure our portfolio from this and get something else that performs if we can get anything from this. Please share any thoughts or advice. Thank you!