|Re: Resale Donation Logistics||<– Date –> <– Thread –>|
|From: Ann Zabaldo (zabaldoearthlink.net)|
|Date: Mon, 5 Aug 2019 11:03:40 -0700 (PDT)|
Hey Morgan! How good to hear from you! Now I dying to know about your resale program at Vashon! Are you the first to make this tribute? Generous of you to acknowledge your community w/ a gift upon the sale of your home. And you are staying in your community! Vashon is twice blessed. At Takoma Village there is no tax implications to the HoA for receiving a monetary donation. We are a non-profit under the District of Columbia’s CONDO law not under Federal law which is how many people think of non profits — you know like environmental groups, organizations that help the homeless, etc. Now, I don’t know if there is a tax deduction that the seller can take for the donation. My guess is this is all going to depend on your state’s rules and regulations regarding condominiums or Homeowners Associations. At Vashon, do you have a Legal or Finance team that could handle the question for you? Or a lawyer who advises your community? Or you can do the tedious work of finding the answer in your condo act. Ah. There’s one other way. If your community has a membership in the Community Association Institute — CAI — you can ask a question to your chapter organization’s lawyer. (I totally recommend joining this organization: https://www.caionline.org/pages/default.aspx <https://www.caionline.org/pages/default.aspx>) The donations to TVC are handled after settlement. The donors just write a check made out to the HoA. But there’s no reason the settlement agent can’t do it as part of the closing. Save you writing a check … Let us know how this all works out for you and your community, Morgan. I’m so happy to hear that other communities are adopting this resale process that acknowledges the interests of the seller, the buyer and the community. The community plays a big role in the sale of units at TVC. Bet it does at Vashon, too! Best -- Ann Zabaldo Takoma Village Cohousing Washington, DC Member, Board of Directors Mid Atlantic Cohousing Principal, Cohousing Collaborative, LLC Falls Church, VA 202.546.4654 I’m … “it’s 8:30 pm and you want to start a movie this late?” … Years Old. (From a series of DIY embroidery quotes by The Twilight Sewn) > On Aug 5, 2019, at 1:14 PM, Frost, Morgan <frostm [at] seattleu.edu> wrote: > > Hi Cohousers, > > For those who have donated a portion of resale proceeds to the community, any > logistic tips? We are moving from one house in our community to a different > (bigger) house. We'd like to donate 1% of the sale back to our community > (inspired by those on this listserv!). What are the tax implications for my > community in receiving a large gift? What are the tax implications for me for > donating a large sum to a non-profit this year? > > I assume we can send the funds directly to the cohousing account at closing > with the title office and send the rest to other accounts of ours. Is this > correct? > > *Ann Zabaldo, can't find your contact info but would LOVE your input! > > Thank you! > Morgan > Vashon Cohousing > Washington State > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > >
Resale Donation Logistics Frost, Morgan, August 5 2019
- Re: Resale Donation Logistics Ann Zabaldo, August 5 2019
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