What's the best way to give away a piece of land?
My brother and I inherited a piece of undeveloped land in a private community in PA and were in works to be able to sell the land to the neigbor, but of course that deal fell through. The HOA/BOD of the private community are not interested in accepting the property as a "gift", so I am currently left with very limited options. The sale of these undeveloped properties in this community is "not worth it" per our realtor. Would like to be able to just gift the property to ANYONE because at this point, we are not planning on developing the land and we are continuing to pay taxes, community fees, and water/sewage bills. What options do I have? Other than transfer costs/lawyer fees, we are willing to give this property away for FREE. HELP!
Answers ( 1 )
You can gift this property to a non-profit organization (Church etc.) and get the tax deduction benefits.