We purchased a home in 1973 for $36,500 and converted it to a rental property in 1979. By 2004 the mortgage had been paid off and the property was completely depreciated.
In 2005, the ownership of the property management company we used changed hands and things started to go downhill. In early 2011 we discovered that numerous needed repairs had not been made and the property had been allowed to seriously deteriorate to the point where its FMV was less than what we paid in 1973. Given the prospect of a very large repair bill (50K+)and a realtor's very low estimate of market value in its as-is condition (not to mention the uncertainty of being able to find a buyer) we decided to donate the property to a local charity (501c3 certified).
Because the deprecation taken over the years exceeded the current fair market value, my understanding is that we would not be able to claim a charitable deduction for the contribution.
I don't have a problem with that, but wonder if there are any forms I need to fill out to document the disposition of the property?
Regards, Dan