SALAAM UL MUSLIMIYN INC

SALAAM Ul-MUSLIMIYN, INC.

P.O. BOX 210130
BROOKLYN, N.Y. 11221
TEL./FAX: (347) 663-2117 (faxing between 10am-3pm)

EIN # 04-3654929
501(c)(3) approved Non Profit Charity

महसूलव्यवकलनीय भिक्षा आयोजन

Reply to (के विषय में ): salaam_ul_muslimiyn@yahoo.com or faris_abdulmatiyn@yahoo.com

(Our Services: Religious education, housing, family affairs, employment, referrals)

We are reistered with (हम सब आर  पंजीबद्ध पास ): http://www.nycharities.org/donate/c_donate.asp?CharityCode=1929

House Donations for Charity, Donate House, condo, land, property and receive tax deduction and help people!
निर्मिति खैरात सदन गैट नकद पीठ के लिए खैरात
Did you know that the IRS will give you upto the fair market value of any property you donate to a 501(c)(3) organization?

We need property solely for the purpose of helping the homeless and less fortunate.
YOU REALLY CAN MAKE A DIFFERENCE IN THIS WORLD! DONATE TODAY! You can go to the IRS site for more information on this subject by clicking this link: http://apps.irs.gov/app/pub78 In-put the name "SALAAM-UL-MUSLIMIYN INC" to see that we are registered with the IRS as a valid charity. Go here to see the regulations governing donations to 501(c)(3) organizations, and how the IRS will give you the fair market value of your property. http://www.irs.gov/publications/p561/index.html & http://www.irs.gov/pub/irs-pdf/p526.pdf 

Have you inherited a house? Donate now and reduce estate taxes.
Capital gains taxes eating you alive? Donate now and reduce them.
Investment property becoming a hindrance? We can Help!
Donate your Real Estate to Charity / Deduct it on your taxes / Impact lives
Our main goal is to help the homeless, so help us to help them.

You Choose the Charity - Giving is good business.
Donating real estate makes good sense for both individuals and corporations. The equity from your real estate can serve as a powerful tool to fund working capital for charity. Salaam Ul-Muslimiyn, Inc. is certified with the IRS and we are 501(c)(3) approved; and our staff will provide you with the knowledge and expertise necessary to conduct a real estate donation that optimizes benefits for both the donor and our non profit organization.
Change your life- change some one else's life as well.
Most often it is the donor who receives joy from the very act of giving. You choose the project you wish to fund with your donation. Discipleship, rehabilitation, health, education, welfare, religious studies, homeless, or prison reform. We offer opportunities to help them all.

Why give your precious real estate away? Because you can deduct the full value of the property, including appreciation, on your federal income-tax return. Yet you don't have to report the appreciation as capital gains. In other words, you get two benefits in one.

"THE TAX BENEFITS OF DONATING PROPERTY 

Thinking about making a year-end charitable contribution? If so, keep in mind that tax-deductible donations are not limited to cash. According to the Massachusetts Society of CPAs, many organizations accept gifts of used cars, computers, clothes, art and other types of tangible property. In return, taxpayers who itemize may qualify for a valuable tax deduction. 

Generally, when you contribute property to a qualified charitable organization, you can deduct the fair market value of the property at the time of the contribution. According to the IRS, the fair market value is the price a willing buyer would pay a willing seller, when neither is compelled to buy or sell, and both have reasonable knowledge of all the relevant facts. However, special rules apply to some types of property. Here is an overview of the rules governing the most common types of non-cash contributions. 

DONATING A COMPUTER 

When you donate computer equipment, the organization accepting the donation should provide you with a receipt specifying the equipment you donated and the date of your donation. It is up to you to determine the value of your donated computer. In arriving at a figure, keep in mind that the market value of computers falls quickly. Classified newspaper ads may help in establishing the value of your donated property. Before donating your computer, erase all personal files and overwrite the data on your hard drive. You want to give away your equipment--not your data. 

GIVING AWAY YOUR CAR 

In general, if you contribute a car to a charitable organization, you can claim a deduction for the fair market value, which takes into account not only the year, the model, and the mileage of the vehicle, but also the vehicle’s condition and local market variations. As a result, the fair market value of a taxpayer’s car or other vehicle may be lower than the average price listed in used vehicle guides, or “blue books” as they are often called. 

CONTRIBUTING USED CLOTHING AND HOUSEHOLD GOODS 

When donating clothes and household goods, it is your responsibility to assign a fair market value to your donations and obtain a receipt from the recipient organization. For help in valuing used clothing, you might visit a used clothing store or thrift shop. For household goods, you can look in the classified newspaper sections for similar items being sold. Like used computers, the fair market value of used clothes and household goods is far less than the price paid to acquire them. 

DONATING ART AND COLLECTIBLES 

You may donate artwork, jewelry, and other collectibles as well, but the rules become more complicated. To deduct the fair market value of your donation, the gift must be put to a use related to the organization's main activity or charitable purpose. 

For example, if you donate your prized Picasso painting to your local art museum, the painting must be used for study and appreciation within the museum for you to write off the full market value. If, instead, the museum wants to sell the painting to raise funds for a new wing, your deduction would be limited to the painting's original cost. For this reason, it's a good idea to ask the charity for a statement outlining its intended use of your gift. 

TRANSFERRING OWNERSHIP OF STOCKS AND MUTUAL FUNDS 

When you donate stock or mutual fund shares you have held for more than one year, you may deduct the full current market value of the investment on your tax return and avoid paying capital gains tax on the appreciated value. As an example, let's suppose your portfolio holds shares of stock you bought five years ago for $1,000 that are now worth $5,000. When you donate those shares, you get a deduction of $5,000 and you avoid paying capital gains tax on the $4,000 in appreciated value. 

SUBSTANTIATING YOUR DONATION 

In any year in which you make total contributions of property exceeding $500, you’ll need to complete and file IRS Form 8283, Non-cash Charitable Contributions. This is true even if no one single property contribution was greater than $500. If the value of any one piece of property or a group of similar items you contribute (with the exception of publicly traded securities) exceeds $5,000, you need a written appraisal of the property, and both the appraiser and the charity must complete part of Form 8283. 

CONSULT WITH A TAX PROFESSIONAL 

If you’re unsure about the tax implications related to donating property to charitable organizations, before making the donation, especially a substantial one, contact your CPA. A CPA can guide you through the requirements for deducting charitable contributions and assist you in understanding the impact on your taxes.

Frederick C. Trump, the late father of real estate mogul Donald Trump, was a shrewd businessman who made an estimated $200 million in real estate. Seven years before his death in 1999, the elder Trump donated two apartment buildings, valued at approximately $33 million, to the National Kidney Foundation. The two buildings were expected to generate more than $600,000 in annual income for the nonprofit organization. 

What was the reason behind Trump's generosity? Doubtless the developer believed the foundation's goals were ones worth supporting, but it is possible too that he, like many other high-net-worth individuals, donated the property to reduce the amount of estate taxes his family would pay after his death. 

Of course, most Americans do not have a large real estate portfolio like Trump. But for those in the higher tax brackets, the donation of a Manhattan townhouse, a ranch in Montana or even an old family estate in Maine can help shave thousands, or even millions, off their heirs' eventual tax bill--and do good works at the same time. 

Many charities and nonprofits, such as universities and arts groups, persuade Americans to donate by promising tax deductions in return for their generosity. Often such donations are an opportunity to offload bad investments and obtain a tax break at the same time. With real estate, instead of jettisoning some dogs from a stock portfolio, the donor has the ability to bequeath property that can either be preserved as a museum or headquarters, or sold for cash. 

One of the advantages to the donor is that the size of the tax deduction is determined by the current market value of the property, as opposed to the cost of the property when it was purchased. For example, if a home bought years ago for $25,000 is appraised at $100,000 today, the donor gets the $100,000 deduction. (Moreover, by donating a property instead of selling it outright, donors can avoid paying brokers' fees.) 

Sometimes there are intangible benefits as well. Often a donated estate will bear the donor's name, making the property a de facto memorial. For example, in 1983 the widow of Jefferson Patterson, a diplomat whose father founded National Cash Register (nyse: NCR - news - people ), donated a 560-acre family farm in Maryland to the state for use as a park and archeological research center. The site is now known as Jefferson Patterson Park & Museum. 

The question is whether it makes more financial sense to donate the property or sell it outright and use the proceeds of the sale to settle up with the taxman. 

According to some experts, real estate donations are becoming increasingly popular. Chase Magnuson, president of Real Estate for Charities, based in Carlsbad, Calif., has been facilitating property donations (both corporate and private) to charities for the last eight years. Although Magnuson admittedly has a stake in the business--he consults charities about whether or not to accept real estate donations--he says the volume of real estate contributions is rising dramatically. 

"It's one of the last appreciated assets a philanthropic donor can give," Magnuson says. "Most people's stock portfolios are down, and everyone wants to hold on to their cash." 

Magnuson estimates that real estate donations could be up somewhere around $6 billion to $8 billion, or nearly 2% to 3% of the approximately $212 billion Americans gave to charities in 2001, according to the American Association of Fundraising Counsel's most recent data. And such donations are on the rise. In previous years, real estate donations were valued at between $2 billion and $4 billion. 

Despite the increased volume of real estate donations, however, donors don't always get the great tax breaks they're seeking. Kevin Ondik, a tax partner at Friedman Alpren & Green in New York, has a large client base of high-net-worth individuals and says he has seen very few examples of clients donating property to charities for the sake of getting a tax deduction. 

"Most people are more likely to donate securities," Ondik says. "Generally, if someone's donating real estate, it's because the property isn't appreciating, and even then, it can be difficult to find the right organization to take it." 

It can certainly be a complex transaction. Magnuson has seen dozens of examples of charities eagerly accepting land donations, only to discover the land had environmental or zoning problems, thus rendering the organization unable to resell the property. To add insult to injury, the charity still has to pay property taxes on the land. 

Although nonprofit organizations are exempt from paying property taxes on land that is used for their cause, investment properties are taxed just like any other investment. Property taxes are still due, for example, on a vacant office building that may have been acquired as an investment, even if it is donated to a tax-exempt organization. 

"We had a case where a charity accepted this property on a lake, but it became very controversial because there were wetland issues with it and there were three competing jurisdictions squabbling over it. So the sale was held up for a year, and it's not clear the land donation will be converted into a cash contribution," Magnuson says. "The donor had very good intentions, it's just the neighbors didn't want anything built on the land." 

Besides the possible problems of finding a recipient for the land or commercial property donation, Ondik argues that the tax benefits don't always outweigh the amount one might save by just selling the property. 

"If you bought a piece of real estate for virtually nothing many moons ago and the property is now worth quite a bit, you could donate it and get a tax deduction. But capital gains taxes are only 20%--why not just sell it and keep your 80% profit?" 

The answer is that, in many cases, if one takes into consideration ongoing property taxes, maintenance costs, income taxes--or if the property is sold, the cost of legal fees, brokerage fees, estate taxes, inheritance taxes and capital gains taxes--it is often financially preferable to donate properties to charities. It also saves heirs the trouble of trying to divvy up the gains if the will is potentially contentious or inequitable. 

There are also ways of donating a home but still being able to enjoy it during one's lifetime. Homeowners can create a life estate, which allows them to live in the house, with the understanding that the property title will be transferred to a given charity at death. Owners still receive the charitable tax deduction while they are living, and depending on the property and its income potential, they may even be able to get lifetime annuity. At the same time, they avoid passing on the tax burden to family members after death. 

A life estate is an especially attractive option for large trophy properties, in cases where heirs may be unable to afford the ongoing maintenance costs and property taxes. That way, even if one's family is no longer able to enjoy a home, by donating real estate they can keep more of what, in the long run, is more useful: cold cash.

© 2002 SALAAM UL-MUSLIMIYN, INC. CHARITIES