Legal Question in Wills and Trusts in Texas
I have the power of attorney for my mother. My mother has Alzheimer's disease and is in an Alzheimer's home. She has two lots at a resort. My question is, If I donated both lots to a non profit organization, could I deduct this amount from her taxes and if I can then how much? Carol Hall
1 Answer from Attorneys
Hypothetically, as I only have what you wrote, and as to a deduction that can be taken based on a donation, I would probably seek the advise of a qualified and reputable CPA to answer this question.
- However, you will need to accumulate several documents including: information on the non-profit organization, a recent appraisal of both lot properties, the purchase agreements showing what your mom originally paid for the two lots, her last two years tax returns including all of her 1099s and W-2s, if any, and her current year income statements, BEFORE going to see the CPA, or consulting with an attorney.
I am wondering why you want to make this donation?
Why not sell the two lots and put the money aside for her care?
Does she have a large tax burden?
What is the value of her estate?
Please let me know if you would like to set up a consultation to discuss this matter further, or if you need to know our hourly rate.
We have offices in Dallas, Texas and in Tucson, Arizona, and, if we are retained, we know excellent and reputable CPAs who can answer the deduction question.
Thank you.