Sam is a WWII vet who inherited a house in the 1970’s. When Sam moved out and had to decide what to do with the house, he had his doubts. He was concerned that selling the house and liquidating his other assets would result in a huge tax bill that he would be unable to manage.
Sam turned to Promised Land for help. He donated the house to them, received a substantial tax deduction and limited his tax liability enabling him to manage his finances.
Jonathan purchased 30 acres of land in a suburban area in the 1970s, hoping to develop the land one day. Before that could happen, the government established wetlands through the middle of the property, cutting it off from the main road. Because the property was still commercially zoned and was cut off from easy access, selling it became difficult. In addition, an issue with dumping created environmental concerns.
Jonathan decided to donate the property to Promised Land and received a tax deduction based on the current value of the property, which was significantly higher than what it was forty years ago. Promised Land had the environmental concerns investigated and the results were benign. They worked with town officials to turn the property into affordable housing which benefited everyone.
Evelyn’s late husband purchased 100 acres of land adjacent to their summer home in Putnam county. He hoped to build a housing development but those plans never materialized. Evelyn’s husband passed away and she attempted to sell the property numerous times, but each time the sale fell through. She was still paying taxes on the undeveloped woodland and wetland acreage, forty years after her late husband bought it.
Evelyn didn’t want the property, didn’t want to keep paying the taxes but wanted to see some good come from it. She donated the land to Promised Land and received a large tax deduction. The property abuts a religious burial ground so Promised Land is in the process of using the land to expand the burial ground into a modern-day religious cemetery.