Donate Your Century Home or Building To A Preservation Organization

Most homeowners are going to say, “Are you crazy? Donate my home to some nonprofit organization?” Hear me out though! A nonprofit preservation organization can offer a receipt for a tax-deductible donation including a house or building. If a home is out of reach for the owner to restore, refurbish, or rehabilitate, then this IS an option. Most homeowners would rather have some cash for their property though. One nonprofit organization in another state works directly with property owners. The nonprofit explains the purpose of the organization and tax-deductible donations. Then, the group asks to purchase a home for part of the value of the home and in return the organization can give a receipt of a tax-deductible donation for the remaining amount. This takes some negotiating but can be important with capital gains…donations can help offset the capital gains. This nonprofit organization out of state then is able to market the historic building for less than market value in order to help find someone willing to restore the building. Before selling the historic building, the group places an historic easement on the structure and puts a preservation plan in place for the new owners. The new owners could then potentially use the 20% federal tax credit and/or 25% Ohio historic tax credit. Ashland has three nonprofits that could possibly do this for our city: the Ashland County Historic Preservation Alliance, the Center Street Historic District, and Ashland County Historical Society. All of these could accept a donation or accept a part purchase/donation. They would have to commit to marketing the historic structure to find a new owner.