Donate Real Estate
Give unwanted property to 88.5 WFDD and support our mission.
WFDD is proud to offer yet another way for you to support the trusted journalism that you rely on: donating real estate! It’s a great way to support our mission while also offloading a piece of property that is no longer of value to you.
This donation option is offered through CARS (Charitable Adults Rides and Services), our long-time partner on our successful vehicle donation program, and the process is simple and convenient. We accept any property type that has positive equity, clear title, and no environmental issues.
How it Works
- Call us at 844-277-HOME (4663) or fill out this form.
- We handle everything, from vetting the asset to selling the property. Most sales are completed within 90 days.
- Receive a donation receipt and know you're supporting our mission.
Frequently Asked Questions
It's a big decision to donate your property, so we have a few commonly asked questions here to help guide your decision. With the Triad housing market in flux, we understand your dilligence and are happy to answer questions and guide you through the real estate donation process when you call 844-277-HOME (4663).
Can you accept real estate with a mortgage balance?
Yes, 88.5 WFDD will resell the property with its national auction partner and the proceeds of the auction sale will pay off the mortgage balance first, with the remainder going to 88.5 WFDD (after normal closing costs such as escrow, title fees, transfer tax, real estate commissions, etc.). Prior to the auction we will determine if the likely value exceeds the mortgage balance and we may have to reject any asset that does not have sufficient equity to result in cash proceeds to 88.5 WFDD.
Can I give a portion of the equity to 88.5 WFDD, or do I have to donate it all?
If your property has a high value, you may elect to donate a portion of the equity to 88.5 WFDD (falling under a Bargain Sale-IRS Section 170).
What type of real estate can be donated?
Any type of real property may be donated that has positive equity, clear title, and no environmental issues. Common property types are land, second homes, rental property, commercial real estate and estates. We do not accept timeshares or mobile homes.
Is donating real estate easy?
Yes! Our partner has a national real estate auction platform, and a national title company partner so we can quickly vet assets and convert them to cash without 88.5 WFDD ever having to own or operate the asset. Also, using the IRS Bargain Sale, 88.5 WFDD can accept real estate with mortgage debt and high value assets with a portion of the equity going to the 88.5 WFDD (and a portion in cash to donor). Donors don't need to pay for anything and only need to fill out a seller disclosure and sign the deed at closing. We take care of everything else!
What tax deduction do I receive when donating property?
Real estate donations are based on the full appraised value, not the sale price. Capital gain tax may also be avoided (excluding the mortgaged portion or cash received). The deduction can be carried forward up to five years following the year of sale.
In most cases, you may deduct the difference between the cash received and the fair market value based on an appraisal specifically completed to assess the value based on IRS gift appraisal guidelines. You many not deduct proceeds that were applied to pay off mortgages or back real estate taxes.
How long does it take to complete a real estate donation?
Most donated properties will be completed within 90 days, and some as quickly as 14 days. Our goal is to maximize the value of the property.