Tax on Donations: Are Homes Donated to Charity Tax-Deductible?
If there’s one thing we can all agree on, it’s our unified disdain for tax season. We understand the need for them and we understand we don’t have a choice, but it’s hard knowing we don’t have much control over where that percentage of our hard-earned money goes and how it’s used. When tax season rolls around, every citizen in the US is looking for ways to reduce the amount they owe in taxes – either by lowering their annual tax bill or by increasing their annual tax return. It doesn’t matter how much money you earn, we all think the same during tax season. What most people don’t understand is there are numerous ways to greatly reduce your taxable income and while it often requires spending money elsewhere, it gives citizens an opportunity to control where the money goes and how it’s used – instead of flat-out giving it to the Internal Revenue Service (IRS). What are Tax-Deductible Charitable Contributions? A tax-deductible donation is a donation of qualified goods or cash to a tax-exempt organization, which can then be listed as itemized deductions on your tax return to reduce your overall taxable income. For example, most donations made to a qualified charitable organization are often tax-deductible. Charitable donations have long been one of the driving forces that keeps charities and other non-profit organizations going. By making these charitable donations tax-deductible, millions of Americans from across the country are now incentivized (financially) to donate to charity. Of course, there are limitations to what constitutes a charitable donation, how much of the donation you can deduct from your taxable income, and how you go about receiving the charitable contribution deduction. For more advice or guidance, speak with a tax professional. Are Donated Homes Tax-Deductible Donations? Real estate donations – whether it be land, commercial, or residential – are tax-deductible. In fact, many people consider it quite an impressive tax deduction and one that some people should greatly consider – not just for the tax benefit, but knowing that it’s going to good use. For those that have had the property for more than one year, you can deduct the full fair market value of the property – though you can only deduct up to 50% of your adjusted gross income in any one year. Don’t worry, you can carry any excess deduction into the next year for five years. There are several restrictions and limitations when receiving your charitable contribution deduction for real estate. For example, the amount you can deduct off your taxes each year may be different depending on the appreciation or depreciation of the property you’re donating. How to Receive a Charitable Contribution Deduction When property owners find out about the massive tax benefits of donating real estate to a qualifying charitable organization, it’s hard not to consider it as a real possibility – especially considering the ‘carryover’ effect that allows you to carry excess forward up to five years. Here are some things to keep in mind before receiving your charitable contribution deduction: If you’re unsure about the process and want to ensure you follow all the right guidelines, we recommend speaking to a tax professional that specializes in charitable contributions. They can help guide you through the process and help you get the highest tax deduction possible. Other Benefits of Donating a Home to Charity The tax deductions that come with donating a house to charity are undeniable and it’s why so many people go through with it every year. With that said, it’s not the only benefit that comes with charitable contributions as it not only changes the life of the taxpayer, but it helps other people in need too. Let’s take a look at some of the non-tax-related benefits of donating a home to charity: There’s a lot of good that comes from charitable donations and it doesn’t just have to be in the form of real estate – it also includes cash donations, goods, vehicles, furniture, equipment, clothes, and household items. Charitable organizations depend on donations — whether it be a cash or non-cash contribution — in order to help those in need. Donate Your Home to Old Glory Housing! Do you have a depreciated home that you’d like to consider donating to charity? Are you looking for someone to take that property off your hands and find a more charitable use for it? If you answered yes to either of those questions, we first want to thank you – you’re good-hearted! At Old Glory Housing, we turn run-down, outdated, and unlivable homes into fully-functioning, low-income, affordable housing for those that need it most. We’re a registered 501-3(c) organization, so your house donation is tax-deductible if you meet the other charitable deduction qualifications. As licensed contractors, we don’t mind getting our hands dirty with rebuilds, renovations, repairs, or remodels – in fact, we enjoy it. After all, these homes go to real people that were put in a bad position and could be what changes their life for the better. Don’t hesitate to contact us today to learn more about donating a house to charity!
Where to Donate Home Decor
A study by Indiana University’s Lilly Family School of Philanthropy showed that only half of all American households donated to charity in the past year – which is considerably low compared to recent years. At the same time, Americans gave a record $471 billion to charity in 2021. While the total amount donated has never been higher, the donations are coming from a much smaller percentage of the population. There are several reasons why, but one of the primary reasons is because many people are under the impression that they can only donate money. The truth is you’d be surprised by what you can donate. It doesn’t have to be money, it could be home decorations, furniture, clothes, toys, art – anything that someone else could use, you can donate to someone. I mean, just think about all the unused home decor in your house right now! Where to Donate Home Decor Do you have any old, unwanted, or unused home decor that’s collecting dust or taking up valuable space? You weren’t about to throw it away, were you? What if we said there are families, non-profits, and other institutions that would love to find a better use for your decor? Well, it’s true! In fact, they rely on donations from people like you to strengthen their vision and ensure their mission continues. It’s truly incredible what we’re capable of when we all band together to help those that need it the most. Without our help, they would continue to struggle. If you have extra home decor and are interested in doing a good deed in your community, there are several ways to go about it. Don’t worry, we’re going to share a list of options to get you started – of course, there are plenty more options to choose from, especially if you get creative (thrift stores, donation centers, etc.). Furniture Banks Furniture banks are organizations located across the world that accept furniture donations and other common household items to donate to families in need. You can visit The Furniture Bank Network to find furniture banks currently accepting donations in your local community. Freecycle Freecyle is a growing network of nearly 10 million members across over 5,000 towns across the world. You can sign up and either give or ask for free stuff. It’s a great way to get rid of furniture donations. Membership is free and it makes connecting with people and families in need much easier – it’s like a social network for giving! Local Goodwill Store If you have extra household items that you no longer need, Goodwill is known to accept donations. The only problem with Goodwill is how strict they are about what they accept and what they don’t accept. If you know you have something they’ll accept, then what are you waiting for? Salvation Army If you want to donate your home decor to a charity with religious roots, then the Salvation Army is exactly what you’re looking for. They’re an evangelical part of the universal Christian Church, have been helping individuals since 1865, and serve in over 130 countries around the globe. Habitat for Humanity ReStores Habitat for Humanity ReStores are located around the globe and resell household goods or building materials to the public for a fraction of the retail price. The proceeds go towards building, rehabilitating, and repairing affordable homes for families in need. You’ll get rid of your stuff while helping others. Theaters & Art Centers This is something many people might overlook, but you can always donate your home decor items to your local theater, art center, or even high schools – especially if it can be used as a good prop. After all, people in theater are creative enough to find a good use for your decor! Local Charity There are many charities and other charitable organizations constantly looking for donations in your community at any given moment. Since they know better than anyone else how to get your items in the hands of those that need it, you can trust them to honor you well – just find their drop off location. What Household Items & Decor Can You Donate? You might be asking yourself – what exactly can I donate to these charities? As much as they’d like to accept anything, there are certain things they’re after and there will be things they decline from time to time. The question to ask yourself is – will this item be of value to someone else? Don’t worry, we’ve put together a quick list of home decor and other related items that you should consider donating today: Much like we noted above, they won’t accept just anything and the item’s condition plays a big role in that decision. Before donating any home decor or other items to charity, make sure it’s in good condition – it doesn’t necessarily have to be perfect condition, but at least good condition. Is It Possible to Donate a Home? If you were surprised to learn it’s possible to donate home decor, wait until you hear about all the people that donate homes, land, and other real estate – it happens more often than you’d think. Those that donate a home are in line to receive some generous charitable tax deductions. At Old Glory Housing, we specialize in providing affordable housing opportunities to those that need it the most. We don’t care what condition the home is in when we receive it because we renovate, repair, and remodel all the homes to ensure they’re safe and secure for the family. Whether you have a home you want to donate or home decor you’re ready to get rid of, we want to talk to you. Your donations are heavily appreciated and will go to a family in desperate need of help. Without your charitable giving, many families wouldn’t have a safe place to sleep at night.
What Is Senior Housing?
As of 2019, there are over 54 million senior citizens – anyone above the age of 65 years old – in the United States. That makes up over 16% of the entire US population or more than one out of every seven American citizens, and these numbers are only expected to increase over time. The rise in senior citizens is largely due to the ‘baby boomers’ generation, which is the largest generational group in United States history. Baby boomers are people born between 1946 and 1964, which represents over 71 million people aged between 57-75 years old in the US today. As the number of senior citizens increases in the United States, so does the need for senior housing opportunities across the nation. It’s important now more than ever to ensure the safety, security, stability, and wellness of our seniors as they look to enjoy the back end of their life. So, what is senior housing? Senior housing is a term used in the real estate industry and refers to any form of housing that’s designed to meet the exclusive needs of the senior population. There are a number of different types of senior citizen housing opportunities and they’re each unique in their own way. Having senior housing available is extremely important because most senior citizens see a major decrease in income as they grow older. They generally aren’t offered the same opportunities as younger individuals and most seniors can’t keep up with the day-to-day grind. With a decrease in income, it’s clear senior citizens are in need of help. And with the way the world is going right now, many family members are struggling to help out when needed. This is where senior housing can play a major part in the quality surrounding a senior citizen’s life. What Makes Housing Suitable for Seniors? Since senior citizens have unique needs and varying incomes, it’s important that their housing opportunities need to accommodate those needs and incomes. It goes a long way in ensuring the health and safety of our senior citizens, allowing them to live a quality and rewarding life. There are a number of factors that make housing suitable for senior citizens, including: Keep in mind that every senior citizen has unique needs – meaning what’s suitable for one senior citizen might not be suitable for another. That’s why there are so many different types of senior housing opportunities available – everyone wins, so long as you find the right one for you. Different Types of Senior Housing If there were just one type of senior housing available, it would either be too much for certain individuals or not enough for other individuals. Luckily, that’s not how it works today and there are a number of different senior housing opportunities available for seniors to choose from. For example, seniors can choose between senior apartment communities, independent living communities, assisted living communities, nursing homes, and continuing care retirement communities. Don’t worry, we’re going to explain each one in a little more detail down below: Senior Apartment Communities Senior apartments communities are just like any other apartment community but designed exclusively for and available only to the senior population. They have easy access with minimal stairs, ramps when needed, handicapped parking, grab bars, and other senior-specific features. Since seniors are living in an apartment, they don’t have to worry about maintenance and a majority of the appliances are taken care of. It makes for easy, accessible, and worry-free living. Independent Living Communities Independent living communities are similar to senior apartments, but they offer a variety of extra services and features tailored towards the senior population. This might include a social calendar with other seniors in the community and/or a full-service kitchen for all-day meals. With independent living, seniors are allowed to live their life on their own as they please, but with additional features to make life that much easier on the individual or couple. Assisted Living Communities Assisted living communities are similar to independent living communities, but are more catered to seniors that need assistance with their day-to-day lifestyle. Staff is available 24/7 to help seniors with everything from getting dressed to managing medication and eating meals. The staff builds a close one-on-one relationship with each senior to ensure their specific needs are met on a daily basis. This allows seniors to live on their own, but with the help they need. Skilled Nursing Facilities (Nursing Home) A nursing home is very similar to the other senior living communities but is designed for seniors that have needs beyond what’s offered at an assisted living community. The skilled nurses are generally available 24/7 to help seniors with long-term care and various rehabilitation services. If you have an aging parent or family member that wants to live on their own, but needs constant monitoring, a skilled nursing facility is an excellent option. Your loved one will be in good hands. Continuing Care Retirement Community (CCRC) A continuing care retirement community (CCRC) is an all-inclusive housing opportunity that requires an up-front payment (usually several hundred thousand dollars) and a monthly fee (usually a few thousand dollars), but it guarantees a roof over their head for the rest of their life. Contact Old Glory Housing for Help! At Old Glory Housing, we understand the demand for affordable housing opportunities and we’re dedicated to ensuring every senior has a quality place to call home. We give every home a fighting chance and transform each home to meet the unique needs of all low-income seniors. If you’re looking for low-income housing suitable for senior living, you’ve come to the right place. Contact Old Glory Housing today to learn more about how we can help you find the right senior housing for your loved ones. We can’t wait to help you and your family live a healthy life!
What Do Homeless People Need the Most?
There are over 500,000 people experiencing homelessness on any given night in the United States and roughly 13,000 of those individuals will die every year. The average life expectancy of a homeless person is just 50 years old, compared to the national average of 80 years old. What’s even more concerning is that roughly 20% of the homeless population are kids, over 50,000 students identify as homeless, and over 40,000 veterans live without shelter on any given night in America. Some of the nation’s most vulnerable, precious people are homeless. Every single day, homeless individuals go without the most basic necessities. Their physical health worsens, their mental health suffers, and their opportunities slowly slip away. Without our help – no matter how large or small – these individuals will continue to suffer under our watch. What Do Homeless People Need the Most? If you were to ask me what homeless people need the most, the obvious answer would be shelter – after all, it’s a necessity that they don’t have. And while temporary shelter offers a glimpse of hope, what they really need is a stable, long-term, safe, and encouraging home. Of course, that’s asking for quite a lot and most people don’t have the resources to give homeless people a home. The good news is there are other necessities and luxuries that homeless people are in need of and they’re items that you already have around the house. Not only that, but there are intangible things that they need in order to get out of the hole they’re currently in. Keep in mind, a lot of these individuals don’t have families (or supportive ones, at least) or a support group to help them up when they fall down – but they always have you. Here are some of the most prominent things homeless people need the most – besides a home: 1. Clothing Many homeless people haven’t had a clean change of clothes in days, weeks, even months. They can use everything from socks to underwear, shirts, pants, shorts, jackets, hats, gloves, ponchos, and hoodies. They can also use laundry detergent so they can go to the laundromat. 2. Haircut One thing that can completely change a homeless person’s mood is a good, quality haircut. It’ll instantly increase their happiness, confidence, and self-esteem, which is something every homeless individual needs. After all, we all know how good that post-haircut feeling truly is. 3. Toiletries Homeless individuals have an extremely hard time maintaining their hygiene, which is why anything from deodorant to hand sanitizer, lotion, body wash, shampoo, soap, feminine hygiene products, toothbrush, toothpaste, mouthwash, floss, shaving cream, towels, and other personal hygiene items. 4. Money or Gift Cards While most people feel weird giving homeless people money, there are alternative and indirect ways to donate money to homeless individuals. For example, you can donate to a local shelter, charities, and non-profit organizations you can donate to. You can also go the gift card route if you don’t feel like giving cash directly to a homeless individual. 5. Food Another obvious need for any homeless person is food and water. Since most people that are homeless eat very little throughout the day, anything helps – though you should prioritize healthy, well-balanced foods like granola bars. You should also consider donating pet food for those that have a pet. 6. Bus Passes A majority of homeless people don’t have any form of transportation or way of getting around town. Providing them with a bus pass gives them that freedom, especially those that live in a city. They’re inexpensive, but extremely valuable to anyone needing to get around the city. 7. Blankets A blanket goes a long way in providing warmth and comfort, especially when outside in a cold environment. They get used often, but that also means they get worn out quickly and when they become ruined, they lose their purpose. How many of us have an extra blanket laying around to donate to homeless shelters? 8. Childcare Items We mentioned above how roughly 20% of all homeless persons are children and the homeless youth need help just as much as the adults. That’s why donating anything from diapers to baby food, baby wipes, kids clothing, school supplies, toys, medicine, strollers, and other baby supplies to homeless shelters is a must. 9. Opportunity While some homeless people got themselves in the position they’re in with their own bad life decisions or habits, others might’ve been dealt a bad hand and need nothing more than a little opportunity (job interview) to regain control of their life. That little bit of momentum goes a long way in that individual making a series of good decisions that lead to positive, sustainable results. 10. Compassion The final thing homeless people need the most is compassion from those that are in a better position than them. Something as small as a smile, a ‘Hi, how are you?’ when you pass by them on the street, a quick conversation with them to let them know they’re being heard. It’s important to remember that homeless people are people just like the rest of us and have the same needs. Do You Want to Donate a House to Charity? Do you have a depreciated home that’s collecting dust and isn’t doing you any favors? Have you inherited a property that you don’t want to care for? Are you looking to take advantage of the tax benefits of charitable donations? Do you simply want to do a good deed for those in need? If you answered yes to any of the questions above, then we want to speak with you. At Old Glory Housing, we provide affordable housing to those that need it most – including homeless veterans looking for a second-chance at a good life. We help them turn their lives around. We are always on the lookout for house donations and would be honored to help you turn that run-down property – no matter the condition – into a fully-functional home
What is Service-Enriched Housing?
Did you know there are nearly 600,000 people experiencing homelessness on any given night in the United States? Homeless families with children make up 30% of that number and another 6% are unaccompanied youth under the age of 25. It’s a problem that’s only getting worse. Of course, that doesn’t even account for all the low-income families struggling to provide for their loved ones on a daily basis. Whether they’re struggling to provide shelter, food, education, medical support, clothing, or a combination, it’s clear that they need help and they need it now. That’s where affordable housing can help turn a family’s luck around. It gives them a sense of stability and balance, which is essential to getting back on your feet and thriving in this beautiful world. Sometimes all we need is a helping hand and that’s what affordable housing offers. So, what is service-enriched housing? Service-enriched housing is a term that’s growing in popularity with affordable housing initiatives. As we learn more about the problem and understand the needs of struggling families, we begin to realize that some homeless and low-income families need more help than what’s offered. Also known as permanent supportive housing, service-enriched housing goes beyond ensuring shelter to those that need it most. As the term suggests, service-enriched housing offers a wide range of social services designed to improve the health, wellness, and future of its residents. Since homelessness isn’t getting any better and families are struggling more than ever before, service-enriched housing is designed to assist, support, and monitor families with the goal of achieving independence and prosperity. With a little bit of help, we can all achieve and prosper. What Supportive Services Do Low-Income Families Receive? A strong support system is essential to living a happy, healthy, and rewarding life, but not everyone has access to a support system –let alone a strong one. With service-enriched housing, residents are given the support, guidance, direction, and resources needed to thrive. Although every service-enriched housing initiative is unique and not all initiatives are created equal, they’re all designed to improve the overall quality of life for low-income, homeless, or struggling families and individuals. Here are some of the many supportive services they offer: Crisis Intervention Tragedy can strike at any moment and it often comes without warning. While most struggling families aren’t prepared for these events and often don’t have the resources to recover from them, service-enriched housing can ensure that family has access to whatever they need. Employment & Training Opportunities Most low-income individuals either have a hard time finding a job, a hard time sustaining a job, or difficulty finding a quality job. The goal behind service-enriched housing is to help residents find the right job and give them the tools or resources they need to find success at that job. School & Education Assistance for Children Let’s not forget about the children — remember, 30% of the homeless population is made up of families with young children. With service-enriched housing, children are given a chance to succeed in a school that’s right for them. No one should be denied proper education assistance. Health Care & Medical Support Low-income families and homeless individuals don’t always have access to health care and medical support, especially when they need it the most. Service-enriched housing ensures these individuals and families have access to whatever medical services they need. Social Services for Low-Income Seniors We’ve talked about the adults and children, but we can’t forget about the elders. Another goal with service-enriched housing is ensuring seniors live and age comfortably. Whether they need temporary or permanent care, seniors are always protected with service-enriched housing. Benefits of Service-Enriched Housing Programs Now that we understand some of the services offered by service-enriched housing programs across the country, you’re likely wondering how that impacts the resident’s quality of life. While every situation is unique and residents benefit in different ways, it’s designed to help anyone. Let’s take a look at some of the most prominent benefits of service-enriched housing initiatives and how those services can help change the resident’s life for the better. Reduced Homelessness Like other types of affordable housing initiatives, service-enriched housing helps ensure struggling individuals and families have access to one of the most basic needs in life — shelter. This helps get people off the street and gives them a place where they can build a quality life. Increased Housing Stability Having an affordable home gives people a sense of stability, which gives them the peace of mind to grow, develop, and mature. With housing stability, people have more confidence and motivation to do the things they’ve always dreamed of — which can be liberating for anyone! Reduced Hospital Utilization Having access to proper health care and medical support allows families to better monitor their health, both by detecting health concerns in their early stages and treating health concerns properly and in a timely manner. This keeps people out of the hospital and in their homes! Financial Literacy & Opportunity If there’s one thing we all want, it’s an opportunity to succeed in this complex world. We want to make quality money doing the things we enjoy doing the most, which shouldn’t be that much to ask for. With the right tools and resources, you have everything you need right in front of you. Health, Well Being, & Quality of Life Your quality of life is determined by a wide range of factors, most of which are covered with quality service-enriched housing programs. Residents have access to the right resources, which is essential to living a healthy, rewarding, memorable, happy, and well-rounded life. How Can Old Glory Housing Help? At Old Glory Housing, we take pride in helping low-income individuals and families find a stable and sustainable home to grow in. We understand how important this is to live a quality life, which is why we go above and beyond for those that need quality affordable housing options. If you’re interested in learning more about