Gifts of Real Estate and Property to Joy Junction

Donations of real estate are a great way to give to Joy Junction!

Do you have real estate that you have held for years, not knowing what to do with it, and paying property tax and other expenses year after year?

You can give it to Joy Junction as a donation, save on taxes and expenses, plus get a tax deduction!

We accept all donations of land, with or without any buildings/structures. The real estate can be from New Mexico or other US states. One of the easiest ways to donate real estate to Joy Junction, is to complete, sign and notarize a Quitclaim Deed.

Joy Junction, Inc. must be listed as the Grantee on the deed and the Grantor is the owner of the land on the existing deed. The other information from the original deed, must be transferred exactly to the new deed.

Once the new quitclaim deed is complete, it should be notarized and sent to Joy Junction, PO Box 27693, Albuquerque, NM 87125. From there, we will get the land transferred within 30 days, and you will receive a tax receipt. If preferable, you may make an appointment and have the document notarized at the Joy Junction office.

Following the initial paperwork to transfer the property, you will receive documentation to acknowledge and confirm the property transfer. Depending on the value, you may need an appraisal to verify the value you intend to claim to the IRS.

Joy Junction gratefully welcomes donations of real estate, stocks and bonds, heirlooms, antiques, works of art, automobiles and other noncash gifts. This is a great opportunity for those who want to help, but are in a position that makes it advantageous to donate an asset or merchandise, as opposed to cash.

In some cases, an appraisal will be required to help you claim the fair market value of an item as a deduction. Donations of these types of items will be receipted as noncash donations, as allowed by the tax code.

To help you maximize your gift for tax purposes, we have placed a link to an IRS form 8283 and Publication 561 below, for your information.

We are not appraisers, and not allowed to assign a value. The assessed value, market value and other factors will help determine the value you can claim for tax purposes.

There are other options that can delay or reduce the tax savings, such as Transfer on Death, or by creating or amending your will. These methods can sometimes reduce your overall savings and benefits, and should only be used with sound professional advice.

A link to the (TOD) Transfer on Death form, and general information about wills and estates are below. Please feel free to call (505) 217-9586 for more information about transferring real estate to Joy Junction. Thank you!

IRS Publication 561 – Determining the Value of Donated Property

IRS Form 8283 – Noncash Charitable Contributions

TOD Form (Transfer on Death)

General Information on Wills and Estates

New Mexico Quitclaim Deed Sample

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