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As a property owner, if you have an old house or house that needs too many repairs to tackle, have you considered donating your home to the local fire department?
Demolition services cost can range from "$2 to $17 per square foot, with an average between $4 and $15 per square foot. For a complete teardown of a 1,500-square-foot home, rates can run from $3,000 in rural areas to $18,000 in densely-populated cities. A complete demo of a house and its foundation or basement can cost much as $25,000. " according to HomeAdvisor.
By allowing the fire department to destroy your home in a training exercise, you will be able to avoid these demolition costs and help the volunteer fire department's training exercises and better prepare your community for a real disaster - and get a free demolition.
Fire departments often burn existing buildings or donated property on purpose. During the process where the building is completely burned, the fire department with practice fire control, equipment testing operations, and other maneuvers for training that will have substantial benefit to the community and training benefits for the fire department personnel.
Fire departments are having a tough time finding homes to use for training exercises due to the close proximity of other homes and state law. If your home qualifies and isn't under substantial restriction from local authorities, then you might want to consider allowing the fire department to use your home.
According to multiple tax professionals, to get a charitable contribution deduction for the fair market value of the property, you as the taxpayer, must have contributed property in its entirety to the fire department. The regulations and IRS Publication 526, Charitable Contributions, contain no requirement for a transfer of a deed or the taxpayer's entire interest in the property to gain the tax deduction for their charitable contributions.
When preparing your income tax return or looking for tax advice for such property, always be sure to check with your accountant.
Before your home can be used by the donee organization and the greater benefit of training exercises, you will need to do the following:
For more information on donating your house to your local fire department for fire prevention operations and training exercises, reach out to your town offices or fire chief to see what information they have on hand.
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