Gift

[retiredbaker]

What is the name of your state (only U.S. law)? Pennsylvania but the question is regarding Michigan.

I was raised in MI and now live in PA. Years ago after my father passed away my mother signed over to me 2 additional cemetery plots that adjoin theirs. My husband and I do not intend on being buried there and we were recently in MI to visit family so we stopped at the cemetery's office and spoke with them about the options for selling or whatever of these 2 plots. They suggested we donate them to a needy organization or to the VA. They are currently valued at about $1300 each.

My question is: would this be a good tax break and how much would we be able to "get back" on our income tax this year? We're not sure how this would actually work. I don't mind donating them for a worthy cause but I don't want to give them away, either.

Thank you.

 

[tranquility]

Unless you own a house, it it highly likely you wouldn't get any deduction.

Sell the plots, make some money and pay the capital gain tax on them. From a financial point of view, that's the way to go.

If you want to DONATE because you want to give that value to a worthy organization, do so. Don't do it solely for tax purposes.